In the past five months, the monthly fluctuation of Bitcoin was only 27% at most, which means that if you opened a 2x position at the beginning of any month in the past five months, you would not have been blown up yet!
We should think about whether Bitcoin is still the Bitcoin with large fluctuations and super risks in the past under such a large volume. At least in the past history, it has never fluctuated so stably in a range. So much so that Morgan began to recommend Bitcoin to its clients.
I wrote before that Bitcoin would stabilize in a range after the ETF was passed, but I didn't think it would stabilize in this way. We don't know whether a black swan will happen, but in the past 158 days, Bitcoin has gradually become unfamiliar to the market. About three months ago, we can see from the data that retail investors are gradually moving away from Bitcoin, but in the past 60 days, without retail investors' support, Bitcoin is still very stable in a range.
I also look forward to a black swan to thoroughly clean up the leverage, but it has not happened so far, so that the leverage stock of Bitcoin has remained at a historical high.
I don’t know what Bitcoin will look like in the future, but the past 158 days have proven that it has become unfamiliar to the market…