Update
Bitcoin Round-Trips Week in Review
Bitcoin round-tripped from last Friday to now, pushing up through the week before giving back all its gains on Thursday. The oil spike and tech rout affected risk assets, with Bitcoin's relative strength against the Nasdaq and AI-linked equities standing out early in the week. Grayscale's volatility data supports the hope that Bitcoin may be becoming less volatile, but lower volatility tends to cap the upside. There are potential short-term headwinds for Bitcoin, including the most negative Coinbase premium level since July and the biggest one-day outflows from U.S. Bitcoin ETFs since June. Bitcoin's long-term trend is up, but expect volatility. The McRib is back as a positive for Bitcoin, with the belief that BTC historically goes up >2x after the McRib returns.