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Bloomberg senior ETF analyst Eric Balchunas wrote on X platform that Bitcoin volatility and correlation are gradually approaching gold levels, and this trend is undervalued in the current market correction. He pointed out that the BlackRock Bitcoin Spot ETF (IBIT) has consistently outperformed US stocks since the escalation of the Iran conflict, and has achieved over twice the excess returns compared to the S&P 500 Index ETF (SPY) since its approval. He added that based on the comparison of 60 day historical volatility between IBIT and Gold ETF (GLD), the volatility structure of Bitcoin is approaching that of gold, and asset properties may change.