The short version
Bitcoin is calmer than it was three years ago.
But is it becoming the S&P 500?
Vardha recently joined Avi Mash on The Daily Stack Podcast to discuss research from Pandemonium on how Bitcoin’s behaviour is changing.
One number stands out:
→ Realised volatility: ~70% → ~50%
→ ETFs have brought institutional participation
→ But Bitcoin still lacks something important: passive buying
ETF money can leave when Bitcoin falls and return when prices recover. That makes these flows very different from index investing, where rebalancing itself can create buyers on the way down.
The conversation also covers Bitcoin vs the S&P, why “digital gold” is more complicated than it sounds, and what institutionalisation actually changes.
Watch the full conversation.
