Starting 2009 and absolutely zero, bitcoin went through and survived a baptism of fire. It was attacked and declared dead hundreds of times, yet each time rose from the ashes and reached new highs, peaking at tens of thousands US dollars in 2017. The unprecedented growth and born greed rooted deeply in humanity induced fickle speculation, short-termism, and pump-and-dumps, which effectively imposes a leverage on the entire market and magnifies all price movements. This is largely the reason all cryptos suffer from supreme volatility.
Nevertheless, we as a professional quantitative team in the stock and crypto markets saw abundant investment opportunities amid noisy data with conventional research tools, including but not limited to factor analysis and fundamental valuation. Quantitative research methodologies continue to offer stable returns and strong predictability in our out-of-sample tests and live trading, which is consistent with our backtest result that dates back to 2015.