40 20 -20 40 -60 -80 33 ■ 47 22 1 SS 69% 63°:' 60% -57% Count of Drawdowns of 15% or More Worst Historical Drawdown Bitcoin tXBT) (Left Axis) (Right Axis) • Bitcoin's annualized volatility of 95% dwarfs even the most volatile of EM currencies. • Bitcoin's volatility is 8x the volatility