Bitcoin Continues to Fall

After peaking at 65k following the coinbase IPO, it is now at 47,700, decline of 27%. By comparison, the S&P 500 is at new highs. Anyone who bought bitcoin over the last 3 months is underwater to varying degrees despite all the hype about NFT riches. I think the lesson is, over and over again, is that chasing whatever is the latest 'hot investment' almost always leads to under-performance. Index funds will remain superior to bitcoin on a risk adjusted basis. I don't think there is enough $ to prop this up anymore. Bitcoin is simply too big.