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### 1. Bitcoin’s Volatility and Its Position in the Wealth Economy
Philippe Laffont, the founder of Coatue Management, introduced that while Bitcoin’s volatility in 2025 is only 13%, its historical fluctuations have weighed into his decision to place it on equity baskets. Despite this significant decline in relative volatility, Bitcoin continues to be a valuable asset for hedge funds and investors in a rapidly changing financial landscape. Laffont emphasized that the’Brien acceptance of Bitcoin as a central asset is a reflection of its increasing stability and the confidence of investors upgrading to digital currencies. By avoiding hasty speculation, individuals are moving away from daily market fluctuations towards long-term strategies, fostering a more resilient investment portfolio.

### 2. The Rise of Bitcoin ETFs and Their Maturation
Laffont also highlighted the launch of Bitcoin ETFs, such as BlackRock Bitcoin Aggregate, by giants like BlackRock. He noted that the decrease in Bitcoin’s beta (a measure of volatility relative to the market) over time reflects the maturity of the asset. The significant drop in Bitcoin’s losses in 2022—more than 60%—though more concerning than the previous year’s 31%— signals that the market has become more stable and certain. Laffont argued that Bitcoin’s resilience makes it a more attractive long-term investment for investors, as it will likely outperform in the future.

### 3. Investors’ Shift Toward Bitcoin as a Long-Term Storage Vehicle
Laffont further foreshadowed Bitcoin’s increasing appeal by describing a shift in investors’ behavior. He pointed out that a larger portion of investors has moved from short-term speculative buys to viewing Bitcoin as a stabilizing long-term asset. This decline in-lost percentages over time, from over 5% for Bitcoin to 6% compared to Nasdaq’s 13% during the same period, underscores Bitcoin’s potential for sustained growth. Laffont highlighted that while Bitcoin is less volatile than other cryptocurrencies, its long-term stability will inevitably increase, making it a more valuable asset in portfolios.

### 4. The Volatility Push and the Challenges for Investors
Alternatively, Laffont hinted at an uphill battle for investors who believe Bitcoin is valuable. He emphasized that investors should not try to overly invest in Bitcoin, as doing so would overwhelm their portfolios with high-risk, high-reward assets. Instead, they should aim for diversification and focus on assets that truly embody value—assets that truly matter to them. Laffont also warned that even well-intentioned portfolios that align with Bitcoin’s thesis will eventually be寿险被冲掉.

Meanwhile, big hedge funds like Coatue have been actively involved, especially Dune Analytics, which operates onbearianiic exchanges with a long track record of monthly stake sales. This trend has become established, with Laffont emphasizing that this trend is narrowing over time—approximately half of the institutionaldexes have fulfilled their monthly stake sales in the past two years.

### 5. Capitalizing on Bitcoin’s Hec Cyberspace
Finally, Laffont provided concrete examples of Coatue’s investments, breaking down its portfolio into three distinct groups of investors: those who are fully aware of Bitcoin, doubt its value, and the cautious group of investors who want to stay out of the game. He commented on Dune Analytics’ role as a risk-averse hedge fund and its partnership with Core Scientific, which also operates on bear pll’s exchanges. Laffont asserted that these investments are consistent with his long-term vision of Bitcoin’s continued growth, but highlighted that while these criticisms are valid, the long-term trajectory remains=[]