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Zach Pandl, head of research at Grayscale, stated that over the past three years, Bitcoin has achieved a cumulative return of approximately 225%, compared to a 109% return for the Nasdaq index during the same period. However, Bitcoin's rise has not been evenly distributed, with a few strong trading days contributing significantly to long-term returns, making it difficult for investors to time their entry. Data shows that if the five best trading days for Bitcoin are excluded, its three-year cumulative return would drop from 225% to 95%; excluding the top ten trading days would reduce the return to 27%; and missing the top fifteen trading days would result in an 11% loss over three years. In contrast, the return distribution for the Nasdaq is more balanced, with the cumulative return dropping from 109% to 21% after excluding the best fifteen trading days. Grayscale noted that less than 0.5% of trading days contributed enough gains to halve Bitcoin's cumulative return when excluded. For assets characterized by high returns and volatility, staying out also carries an opportunity cost; as the best trading days are difficult to predict reliably, waiting for reduced volatility or clearer market prospects may mean that some price revaluation has already occurred.

On October 6, the Financial Times reported that Bank of America, Citigroup, and Morgan Stanley began distributing portions of a $60 billion debt financing to other banks on Monday. This financing will support Anthropic's leasing of Google chips to obtain AI computing power, setting a record for chip financing transactions. The three banks had previously committed to funding the deal. The financing plan includes approximately $42 billion in senior secured loans backed by Broadcom, which has now initiated syndication. With Broadcom's A-rated credit rating, this portion of the debt may also be sold through private placements or the investment-grade bond market in the future. An additional $18 billion in subordinated debt not backed by Broadcom will be launched later, with Blackstone committing to provide funding for about $9 billion of it. The related funds will be used for Anthropic's chip orders in 2027, with lease payments starting after chip delivery. Since the lenders of the subordinated debt will directly bear Anthropic's credit risk, banks may wait until the planned IPO is completed before marketing it to investors for more financial disclosures. This transaction is seen as an important indicator of market demand for AI debt financing.

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