Grayscale reported that Bitcoin (BTC) delivered a return of approximately 225% over the past three years, compared to 109% for the Nasdaq.

Returns shift sharply without the best days

According to the company’s calculations, if the five best trading days in the period are excluded, BTC’s return would have dropped to +95%. Without the top 10 days, the return would have been +27%, and without the top 15 days, –11%. Less than 0.5% of all days accounted for the majority of Bitcoin’s growth.

Grayscale warns the best days cannot be predicted

The company notes that it is impossible to identify these days in advance, so waiting for the “perfect moment” to enter the market could mean missing out on a significant portion of potential returns. Details and calculations are provided in Grayscale’s review.