[ArtTimeInvestor]

So a minus of about 45% from the all time high three months ago?

If this is it for this cycle, that would indicate the volatility of Bitcoin went down significantly.

Taking a look at the Bitcoin to USD price chart, I see roughly these numbers:

2013: $1,100 -> $238 = -78%

2017: $19,000 -> $3,500 = -82%

2021: $68,000 -> $16,000 = -76%

It will be interesting to watch if the volatility really stays this low suddenly. If so, one could point to the institutional adoption over the last years as the reason for this. When I ask Gemini for the number of public companies with Bitcoin on their balance sheets over the last years, I get:

2023: 67

2024: 79

2025: 190

And a similar trend for Bitcoin ETFs and ETPs. Twice as many in 2025 than in 2023.

[rossdavidh]

As others have pointed out, it also runs up less in percentage terms during the resurgence. If, as you posit, Bitcoin is becoming less volatile, then the question will be what the demand looks like when it is no longer a way of getting exposure to potential large upside. In other words, a lot of people have bought it in the hope that it will double or more. How many will buy it in the hope that it doesn't go down? Perhaps it will happen, but it's not obvious.

[ArtTimeInvestor]

In the limit, that would mean that Bitcoin's volatility reflects only the savings rate of people.

That would mean that Bitcoin is pure monetary value. In that case, it would suck out all the monetary premium from other assets like real estate, equities and gold. The monetary premium in those is probably a few hundred trillion. So by that time, Bitcoin's price should be 2 orders of magnitude higher than today.