ZX Squared Capital Touts 229% Cumulative Return, Doubling Bitcoin’s Gain

The notable claim here is not the headline return but the risk profile: roughly half bitcoin's volatility and drawdown, achieved with spot holdings, options hedges and no leverage. That combination matters because it tests whether outsized crypto beta can be captured without the leverage that typically drives blowups in this sector. The dependence on a single custodian and on options-based hedging is the structural exposure worth tracking, along with whether the reduced-volatility approach holds through a full cycle.