JPMorgan analysts believe Bitcoin is trading below its fair value as its price volatility falls to historic lows, narrowing the asset's risk-adjusted gap with gold. Volatility in Bitcoin has slid from nearly 60% earlier this year to roughly 30%, the lowest level on record. What Happened: Analysts led by Nikolaos Panigirtzoglou said this dynamic implies a fair value near $126,000, a target they expect could be reached by year-end, according to The Block. A major driver of the decline in volatility has been corporate treasuries, which now hold over 6% of Bitcoin's total supply. JPMorgan compared the phenomenon to the ... (full story)