CCN Markets issued a message saying that bitcoin is not a hedge against anything. Hedging is an investment made to offset some form of risk. The measure of risk is measured by the standard deviation. The standard deviation of the S&P 500 is five years. This means that Standard & Poor's has a 95% probability of moving between -24% and +24% in any year. The five-year standard deviation of the US Petroleum Fund ETF is 28. The five-year standard deviation of the Grayscale Bitcoin Trust ETF is 85. This means that the average annual return of the ETF can be changed by 170% in either direction in any given year. Ed Butowsky, managing partner of Chapwood Capital Investment Management, said: "Bitcoin is now the most risky tradable asset, and I don't even call it an asset. It's based entirely on guesswork. That's why it's so unstable. It's not a Hedging."