Analyst James Check: Bitcoin Getting Boring Is the Bull Case

• —Bitcoin's 1-month realized volatility is 25.2%, calmer than on only ~5% of days since 2015
• —The yearly volatility band narrowed from 55–78% in mid-2022 to about 30–52%
• —The drawdown from the $126K peak to $58,379 on June 30 was roughly 54%
• —JPMorgan projects 10% annual BTC returns versus 7.5% for US large caps and 5.5% for gold