ility over time, in our view. BankofAmenca ea* Merrill Lynch Global Liquid Markets Weekly I 24 July 2017 5 EFTA00788479 Chart 7: We find that bItcoin is more volatile than the currendes with severe capital controls Annualized STDEV of weekly returns 60% 50% 40% 30% 20% 10% ......,1,11.._•_1