IBIT directly tracks the Bitcoin spot price. As of Monday, it is navigating a risk-off episode that has seen it fall out of bed and test major support levels below $70,000. It is also undergoing a process I call “counting backward.” The lower it goes, the further back we can look to say, “Bitcoin has made zero return since (a certain date).” Bitcoin crossed through $67,000 back in November of 2021. It traded lower than that at one point last week. Translation: Four years and three months of nothing!The curr ...