Robbie Mitchnick

Well, that's actually now come back up because even as it's become more sophisticated, more institutionalized, there's this countervailing force of this growth in,

levered perpetual futures and and the speculation that that has now invited.

And so these days where you have a tiny little thing that shouldn't have any price impact really at all, and if it does, it should be small, like, for example, October 10th, you know, some tariff related thing.

And next thing you know, it's down 20%.

And that's because you get cascading liquidations and auto deleveraging, et cetera.

And the reason that's particularly harmful is it undermines the narrative that's driven by fundamentals of this as a diversifying asset, as a potential long-term hedge against some of the risks that exist elsewhere in a portfolio.

The marginal adopter then looks at it and says,

oh, I kind of get that it's this global scarce monetary asset, but it's looking really correlated right now and really volatile.

It kind of looks like levered NASDAQ.

I don't know that I need that in my portfolio, right?

So the facts are more on the side of how I characterized it, but now the trading data, at least lately,

looks very different.

And the bar to adoption, if it trades like levered NASDAQ is much, much, much higher.

There's no good reason that you should think of Bitcoin as a risk on asset, right?

Yes, it's emerging technology, but its fundamentals are so different from all these other assets.

But now it starts to become a little bit self-fulfilling.

I think on the hedge fund piece,

I think there's a misperception out there that it's a bunch of hedge funds in ETFs that are creating volatility and selling.

That's not what we're seeing.

We look at iBit last week on a week that was tumultuous, obviously, in the Bitcoin market.