Bitcoin’s remarkable ascent of approximately 350% since the exchange-traded fund (ETF) filings two years ago continues to capture attention in the financial world. Analyst Eric Balchunas from Bloomberg highlighted this significant growth in a recent tweet, responding to a crypto user who seemed to underscore the impact of these gains. Balchunas calculated that this increase translates to an impressive annualized return of 93%, which is roughly five times higher than the performance of U.S. stocks during the same period.
Despite the substantial rise, some market observers have expressed disappointment, arguing that the increase lacks the kind of dramatic surge often associated with notable market events—commonly referred to as a “god candle.” This term describes a sudden, massive spike in an asset’s value that can generate excitement among investors. Instead, Bitcoin’s journey over the past two years has been characterized by a steady increase. Initially priced around $24,900 in September 2023, Bitcoin reached an all-time high of $124,457 on August 14, 2025.
Balchunas pointed out that this steady movement may actually be a sign of Bitcoin maturing as an asset, resulting in less volatility. He emphasized that such a gradual ascent can be advantageous for the market. “This is the natural way of things for a maturing asset,” he remarked, highlighting that the decreased volatility offers numerous benefits.
However, the mood in the cryptocurrency market has been mixed. Recently, Bitcoin extended its losses amid a turbulent week for digital assets, during which around $140 billion was wiped off the market’s valuation. Following this volatility, Bitcoin’s price slipped by 1.76% over the last 24 hours, trading at $111,024, and experienced a 6% decline over the week.
The upcoming Friday poses a significant test for the cryptocurrency market, with over $17 billion in open interest tied to Bitcoin options and approximately $5.3 billion for Ethereum set to expire, according to estimates from derivatives exchange Deribit. On Monday, traders faced a sharp sell-off resulting in $1.7 billion in liquidations, further emphasizing the market’s instability.
Bitcoin has been mostly trading within a range of $110,100 and $120,000 since early July, exhibiting subdued volatility. Its recent behavior also appears to signal a muted response to financial developments, including a recent quarter-point rate cut by the Federal Reserve. As traders await the release of the personal consumption expenditures index—an important inflation gauge favored by the Fed—attention remains focused on how these economic indicators may influence Bitcoin’s trajectory in the coming days.
