If Bitcoin is an imperfect benchmark, it remains an unavoidable one for a different reason: it may now be considered the clearest expression of cheap, accessible crypto beta. Chris Solarz framed the issue from the allocator’s perspective. For him, benchmarking is the prerequisite for identifying alpha, because outperformance only has meaning relative to a credible alternative. And that alternative has changed materially since the arrival of spot Bitcoin ETFs. Solarz noted that Bitcoin exposure can now be obtained at low cost—he cited fee competition driving ETF pricing down to as little as 14 bps. That has major ... (full story)