Grayscale data:
$BTC 3yr return: +225%
Nasdaq 3yr: +109%
Remove $BTC's 5 best days → return drops to +95%
The math is brutal. Those 5 days are unpredictable. Timing the market doesn't work. You either hold continuous exposure or you miss the rips that generate alpha.
This is the liquidity premium argument for staying allocated. Volatility cuts both ways—exit for safety and you sacrifice the tail events that drive outperformance.
$BTC 3yr return: +225%
Nasdaq 3yr: +109%
Remove $BTC's 5 best days → return drops to +95%
The math is brutal. Those 5 days are unpredictable. Timing the market doesn't work. You either hold continuous exposure or you miss the rips that generate alpha.
This is the liquidity premium argument for staying allocated. Volatility cuts both ways—exit for safety and you sacrifice the tail events that drive outperformance.
