---
title: JPMorgan analysts believe Bitcoin ($BTC) is trading below its fair value as its price volatility falls to historic lows, narrowing the asset's risk-adjusted gap with gold.
description: "Volatility in Bitcoin has slid from nearly 60% earlier this year to roughly 30%, the lowest level on record.\nAnalysts led by Nikolaos Panigirtzoglou said this dynamic implies a fair value near $126,000, a target they expect could be reached by year-end, according to The Block.\nA major driver of the decline in volatility has been corporate treasuries, which now hold over 6% of Bitcoin's total supply.\nJPMorgan compared the phenomenon to the post-2008 bond market, where central bank quantitative easing dampened swings by locking assets into balance sheets.\n\nSource: Yahoo Finance, Coindesk"
---

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# [JPMorgan analysts believe Bitcoin ($BTC) is trading below its fair value as its price volatility falls to historic lows, narrowing the asset's risk-adjusted gap with gold.](https://blog.syzgroup.com/syz-the-moment/jpmorgan-analysts-believe-bitcoin-btc-is-trading-below-its-fair-value-as-its-price-volatility-falls-to-historic-lows-narrowing-the-assets-risk-adj-1756460551999)

 Written by [Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau) | Aug 29, 2025, 9:44:01 AM

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