$BTC

Analysis: The recent decline of Bitcoin has exposed the rupture of old market patterns, yet volatility remains mild

According to Bloomberg, the latest round of Bitcoin's decline is revealing a
fundamental change: the significant volatility that once attracted retail adventurers
is diminishing, reflecting:

The increasing influence of Wall Street on the infrastructure of the crypto market

Although Bitcoin has fallen by as much as 36% since reaching its all-time high in early October,
the implied volatility remains suppressed.
This change indicates that the process of institutionalization is reshaping the risk transmission of BTC.

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In the early days, Bitcoin's value was mainly driven by speculation,
with traders hoping to profit from its frequent large price fluctuations.

From a longer-term perspective,
Bitcoin's relationship with retail investors will become increasingly smaller,
and the competition among institutions will, relatively, lead to decreasing volatility.

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