Bloomberg senior ETF analyst Eric Balchunas posted on X that Bitcoin’s volatility and correlation are increasingly approaching gold levels—a trend that has been significantly underestimated amid current market adjustments and may represent a positive signal amid recent market turbulence. Despite heightened market volatility, BlackRock’s spot Bitcoin ETF (IBIT) has consistently outperformed U.S. equities since the escalation of the Iran conflict, delivering more than double the excess returns compared to the S&P 500 ETF (SPY) since BlackRock’s ETF received approval. Eric Balchunas added that, based on 60-day historical volatility data comparing IBIT with the gold ETF (GLD) since their respective launches, Bitcoin’s volatility profile is gradually converging toward that of gold, suggesting its asset characteristics may be evolving.
Bloomberg Analyst: Bitcoin Volatility Aligns with Gold, IBIT Outperforms S&P 500
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Summary
Bloomberg analyst Eric Balchunas noted that Bitcoin’s volatility is aligning with gold. Market volatility has not impacted IBIT’s performance. Since its approval, BlackRock’s ETF has outperformed the S&P 500 by over 200%. Volatility metrics show Bitcoin’s 60-day pattern is converging with the gold ETF GLD, suggesting a shift in Bitcoin’s asset characteristics.
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