Grayscale: Without Bitcoin's 15 Best Days Its Three-Year Return Is a Loss

Bitcoin.com News reported on Oct. 6 that an analysis Grayscale published on Oct. 5 shows bitcoin returned roughly 225% over a three-year period examined through Sept. 23. Zach Pandl, head of research at the digital asset investment manager, ran the calculation in Grayscale's research series The Stack, treating the exercise as the opportunity cost of staying out of the market. According to that outlet, removing bitcoin's five best trading days cuts the three-year return to 95%, dropping the strongest 10 days leaves a 27% gain, and excluding the strongest 15 days turns the result into an 11% loss. Pandl wrote that investors waiting for volatility to subside or the outlook to become clearer may find much of the repricing has already occurred, and the analysis argues for consistent exposure over attempting to time rallies. Grayscale is an asset manager whose published research is not a market forecast, and no independent outlet has yet run the same figures, so the numbers rest on a single account of one firm's analysis.