Strong Underpinnings vs. High Bitcoin Volatility - At about 1,380 barrels of WTI #crudeoil equal to one #Bitcoin on Jan. 22, the Bitcoin/crude path of least resistance is upward, but the #cryptos high volatility is a top reversion factor. Bitcoin's annual risk measure at about 1.5x crude and 3x the S&P 500 is emphasized in my chart showing sharp drawdowns in the Bitcoin/crude ratio, especially from new highs. The full report is on the Bloomberg terminal here: https://blinks.bloomberg.com/news/stories/sqjg67t0g1kx {BI COMD} #commodities #energy #macroeconomics @BBGIntelligence