【customizable crypto paper trading and backtesting tool for retail traders】
发布时间：2026-04-04 01:41:08 来源：Global Atlas Risk Guide 作者：Risk Management
-
Bitcoin’s reputation has historically been built on customizable crypto paper trading and backtesting tool for retail tradersextreme boom-and-bust cycles, with steep drawdowns of up to 90% following all-time highs.\n\nThis cycle, however, the decline has been closer to 50%, a shift that analysts said reflects the maturation of BTC as an asset class.\n\n“Bitcoin’s drawdowns compressing to about 50% is a sign of a maturing market structure,” AdLunam co-founder and market analyst Jason Fernandes told CoinDesk.\n\n“As liquidity deepens and institutional participation increases, volatility naturally compresses on both the upside and the downside,” he added, saying that “at that point, the narrative shifts from questioning its legitimacy to optimizing allocation.”\n\nFernandes' comments are in response to an X post Tuesday by Fidelity Digital Assets , in which analyst Zack Wainwright noted growth is becoming “less impulsive,” with a reduced probability of extreme downside events as bitcoin matures.\n\nWainwright pointed out that the current drawdown from the Oct. 6 all-time-high of just over $126,200 is much less significant than previous pullbacks.\n\n“Each cycle has been less dramatic to the upside than the previous and downside risk has also been less dramatic,” he said.\n\nFernandes and Wainwright, of course, were referring to previous "bust" periods, most notably following the peaks of 2013 and 2017.\n\nAfter reaching a high of approximately $1,163 in late 2013, bitcoin entered a prolonged "crypto winter" that saw its price plummet to around $152 by January 2015, representing a drawdown of roughly 87%. A similar pattern was seen after the 2017 bull run, when it reached $20,000 in December before plummeting roughly 84% to $3,122 over the following 12 months.\n\nNot all analysts agree that deeper drawdowns are off the table.\n\nBloomberg Intelligence’s Mike McGlone told CoinDesk that he believes bitcoin could still see a “normal reversion” toward $10,000, arguing that “the crypto bubble is over” and that any downturn could coincide with broader declines across equities, commodities and other risk assets.\n\nHowever, Fernandes, who has previously dissented with McGlone’s $10,000 forecast, said that scale itself is part of the story. As bitcoin grows into a larger asset class, the likelihood of 90% collapses diminishes simply because the capital required to drive such moves is too great. That effect is reinforced by institutional integration, from ETFs to pension exposure, which makes large-scale unwinds structurally harder.\n\nThe shift is already showing up in portfolio construction.\n\n“The portfolio data is really what shifts institutional behavior,” Fernandes said. “If a small 1% to 3% allocation can materially improve returns and Sharpe ratios without significantly increasing drawdowns, then bitcoin starts to function less like a standalone bet and more like an efficiency enhancer within a diversified portfolio.”\n\nThat framing changes the risk calculus. “The risk isn’t about owning bitcoin anymore,” Fernandes stated. “It’s the opportunity cost of having no exposure at all.”\n\nRecent Fidelity research supports that transition. In a 10-year comparison across major asset classes, bitcoin delivered roughly 20,000% returns, significantly outperforming equities, gold, and bonds, while also leading on risk-adjusted measures despite its volatility.\n\n“Bitcoin remains a relatively young asset, yet it has quickly matured into a major asset class and has been the top-performing asset in 11 out of the past 15 years,” the report noted.\n\nAt the same time, the tradeoff is becoming clearer.\n\n“There’s a tradeoff here that’s worth articulating,” Fernandes said. “As bitcoin matures and volatility compresses, you should also expect returns to normalize. The asymmetric upside of the early cycles came with extreme drawdowns, but as those drawdowns shrink, the asset increasingly behaves like a macro allocation rather than a venture-style bet.”\n\nThat brings it back to the drawdowns.\n\nIf bitcoin is no longer falling 80%, and portfolios can benefit from small allocations without materially increasing risk, then the asset is evolving into something more investible and usable, Fernandes said, concluding that for institutions, that may be the real inflection point.\n\nCORRECTION (April 2, 09:46 UTC): Correct to note X post was by Fidelity Assets.
- 上一篇：Beyond T-bills: OpenEden introduces tokenized high-yield corporate bond
- 下一篇：Crypto Long & Short: Governance is the real Layer 1
- Crypto markets tumble as oil surges and traders pile into bearish bets: Crypto Markets Today
- Crypto Long & Short: Governance is the real Layer 1
- Franklin Templeton launches crypto division with 250 Digital acquisition
- Ripple Treasury puts XRP and RLUSD inside corporate finance for the first time
相关文章
- Metaplanet acquires 5,075 BTC, jumps to third largest bitcoin treasury company
- How Bot Performance improves daily trading workflows 836
- What makes a strong solution for Execution Speed 958
- Why more users are adopting Trading Dashboard 308
- Jack Dorsey says AI should replace the middle manager after Block cuts 4,000 jobs
- Beginner guide to Portfolio Automation 805
- Why more users are adopting Portfolio Automation 365
- How to evaluate a platform for Strategy Optimization
- Bitcoin traders keep chasing Trump’s Iran noise. The real signals are elsewhere.
- What makes a strong solution for Execution Speed 558
- Bitcoin, ether, solana slide further as Trump threatens to hit Iran 'extremely hard'
- Beginner guide to Spot Trading 611
- How Bot Performance improves daily trading workflows 356
- Advanced insights into Algorithmic Trading
- Bitcoin, ether, solana slide further as Trump threatens to hit Iran 'extremely hard'
- Why Automated Crypto Trading matters in volatile markets 781
- How to evaluate a platform for Portfolio Automation 705
- Key benefits of Multi Exchange Trading for modern traders 266
- CoinDesk 20 performance update: Avalanche (AVAX) gains 4% as index moves higher
- How Signal Execution improves daily trading workflows 847
随便看看
Bitcoin, ether, solana slide further as Trump threatens to hit Iran 'extremely hard'
Citadel-backed EDX Markets applies for U.S. trust charter to expand institutional crypto services
Elon Musk's X to deploy scam kill switch by auto-locking first-time crypto mentioners
Smart money is hedging bitcoin more aggressively than ether :Crypto Daybook Americas
- Copyright © 2026 Powered by 【customizable crypto paper trading and backtesting tool for retail traders】,Global Atlas Risk Guide sitemap