Bitcoin’s volatility profile has changed more than most investors realize. When we rank each year by volatility within an asset’s own history, 2025 stands out as Bitcoin’s least volatile year of the past decade. That’s notable because volatility has been elevated across many

Lower volatility doesn’t automatically mean bullish price action. But it does change the nature of the market. Bitcoin is behaving less like a reflexive momentum trade and more like a maturing macro asset, where flows and participation matter more than sudden volatility spikes.