Anthony Pompliano

Really, I think that a lot of those OGs, they're the ones who are saying, hey, look, I'm not as excited about the future as I was maybe 10 years ago.

And so that handoff to Wall Street, I think has been one big driver.

The second thing about the Wall Street adoption is that there are all kinds of financial instruments that people now have access to.

You know, it used to be really hard to short Bitcoin.

Well, now you can do it very simply.

And so the fact that you're able to do everything from option selling to shorting, et cetera, I think that is having a different impact on the price.

Doesn't mean it's all net negative, right?

You can obviously use options to amplify your exposure to Bitcoin as well.

But I do think that it has a change in the market structure.

It has a change in the way that people think about Bitcoin's price action.

And you just start to temper all of the volatility.

And we've seen that.

Bitcoin used to be an 80-vol asset.

Now it's more like a 40-vol asset.

And so by bringing in that volatility, volatility impact is both on the upside and downside.

You shouldn't expect Bitcoin to be as parabolic, but you also shouldn't expect it to have the massive 80, 90% drawdowns that we saw in the past either.

So I think that's one component of what's affecting Bitcoin is there's been a significant change to the market structure and these adoption by Wall Street.

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