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People say a lot of things about Bitcoin but without understanding the power law they miss some of the most interesting facts about it. Even professionals in the field that should know Bitcoin behavior like the palm of their hands.
For example, do you know that Bitcoin normalized returns and normalized volatility are basically constant at least for 16 years for the returns and 9 for the volatility?
What is the consequence of this? That Bitcoin is doing the same thing for the last 9 years at least.
So all your worries that is something is different with Bitcoin are not real. Bitcoin is doing what it has always done.
No regime changes with ETFs or the intervention of institutions. We are are on the same path and the deviations from the path are basically the same.
Note: something happened in 2017 to make the volatility of n jump. Probably institutions coming in and leveraged products.
Local slope n=log(P2/P1)/log(t2/t1).