Bitcoin's Entire Return Hinges On Just 10 Days A Year, Says BitMine’s Tom Lee

Lee stated the Ethereum treasury business has $600 million in cash, staked 80% of its ETH, and earns over $250 million in staking incentives.

• Tom Lee claimed Bitcoin has the greatest compounded annual return over 10-15 years, but excluding the 10 best days would leave investors down 27% per year.
• Lee stated the biggest argument against timing the market is the concentration of profits.
• Long-term purchasers may wait for the four-year cycle's "early window" between August and October, when Bitcoin may reach $50,000–$60,000.

Bitcoin’s (BTC) whole return profile comes down to a few trading days a year, Fundstrat strategist and BitMine (BMNR) chairman Tom Lee said in an interview this week.

Lee said in an interview on All Things Markets that while Bitcoin has had the best compounded annual return of any asset class over the last 10 to 15 years, if you take away the 10 best days each year, you would be “down 27% per year.” "Crypto makes most of its gains in 10 days," Lee said, arguing the concentration of returns is the core case against trying to time the market.

The same dynamic, he said, plays out in equities. Fundstrat research shows that missing the best days in the S&P 500 (SPX) makes long-term returns negative, something he said explains why the average investor fails to beat the market. The 10 best days in the past three years have accounted for more than 24 percentage points of returns, he said.