Bitcoin has made new highs this year and gone through two meaningful corrections. On the surface, that looks volatile.
But on a realized volatility basis, 2025 is shaping up as one of Bitcoin’s least volatile years on record.

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This article is from Prince, co-founder of Avon.
Compiled by Odaily Odaily(@OdailyChina); Translated by Azuma (@azuma_eth)
TL;DR
People's use of DeFi has become highly similar. The market and infrastructure are maturing, but users' mentality has gradually shifted from curiosity to caution. The reward mechanism has changed from "users bear the risks and rewards themselves" to "users wait to be rewarded," and participation behavior has gradually converged around incentives.
The Fading DeFi
DeFi gives people the feeling that...

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This is what a maturing asset looks like. As Bitcoin becomes a larger part of institutional portfolios, flows are smoother, positioning is more disciplined, and realized volatility compresses.
Lower volatility makes Bitcoin more investable for institutions, reinforcing the same