According to Eric Balchunas, BTC has risen about 350% since the Bitcoin ETF filings two years ago, translating to roughly a 93% annualized return and about five times the performance of U.S. stocks, source: Eric Balchunas on X, Sep 25, 2025. According to Eric Balchunas, the advance has occurred without large “God Candle” spikes, indicating a maturing asset with less volatile movement and related benefits for market participants, source: Eric Balchunas on X, Sep 25, 2025.