Wu Shuo learned that Bloomberg senior commodities strategist Mike McGlone tweeted that the crypto bear market may be in its early stages, and stated that if β (market risk) declines, Bitcoin could fall back to $10k; he disclosed that since Bitcoin ETFs began trading in January 2024, the iShares Bitcoin Trust ETF (IBIT) and the SPDR S&P 500 ETF Trust (SPY) have had basically the same total return, but the volatility of the former is about four times that of the latter, with a 200-day correlation close to 0.5. In the absence of higher returns, high volatility and correlation are usually unfavorable for asset allocation; he also pointed out that since Bitcoin's inception in 2009, the number of crypto assets has reached millions, most lacking substantial backing but still valued at billions of dollars.