Jeff Park

And this investor is basically saying whether it goes up or down, volatility is going to be higher for 2026.

And I think that is the key message for not just Bitcoin, but for generally risk assets globally heading into a really exciting year.

I think volatility in general for upside and downside is healthy for Bitcoin.

And I know people don't like it when Bitcoin goes down and vol goes up because they think that is net value destructive for your bags.

But the reality is anytime there's volatility, even to the downside means there's uncertainty.

And the flip side of uncertainty is always opportunity.

So it allows new investors to consider Bitcoin that may have been waiting on the sideline or they're looking to buy it at a deep discount value.

And those types of kind of trading behaviors and

new investor capital formation that can only happen when there's a lot more volatility.

So I think we need these kind of drawdowns because it allows like new capital to also step in that resets their holding period.

That's the other thing.

When you buy Bitcoin, I know there are those that are out there that permanently plan to own it forever.

But the ETF channel investors are a little bit different.

I think these are more your professional investors that are in the business of portfolio construction and portfolio optimization.

So they are looking for Bitcoin to play a certain role.

And if it doesn't play the role, they're going to get out of it.

But that also means there's new investors coming in and it resets their IRR.

It resets to day zero.

So now they can underwrite it for two more years.

And you need to kind of always rotate and cycle amongst existing investors to new investors, because that's ultimately how capital graduates.