BTC: Goldman Sachs is buying its way into the bitcoin income ETF race.
The bank is acquiring NEOS Investments for up to $2.25B, picking up the $1.1B BTCI fund and going head-to-head with BlackRock's BITA.
BTC has appreciated nearly 1,500% since 2019.
Over the same period, U.S. consumer prices have risen ~33%.
In an environment increasingly focused on preserving purchasing power, BTC’s ability to outpace inflation has become an important part of the investment conversation.
BTC's 30-day realized volatility has fallen below 30.
Meanwhile, long-term Treasury yields continue rising, even as the U.S. dollar weakens.
Periods of unusually low volatility do not always last. Historically, they have often preceded more significant market moves.
The Fidelity Digital Assets Research team is monitoring the current backdrop closely.
BTC is ~48% off its ATH.
Previous cycles fell 80%+ and often took 1,000+ days to reclaim highs.
Today, we're ~300 days from the last peak.
The key question: If drawdowns are getting shallower, do you expect the cycle to get shorter too? ⬇️