Odaily星球日报讯 彭博社：比特币最新一轮的下跌正在揭示一种根本性的变化：过去那种吸引散户冒险者的大幅波动正在减弱，这反映了华尔街对加密市场基础结构影响力的不断增强。尽管自 10 月初创下历史新高以来，比特币已回落最多 36%，但隐含波动率依然受到抑制。这种变化表明，机构化进程正在重塑该代币的风险传导方式。而在早期，比特币的价值主要由投机驱动，交易者希望从其频繁的大幅价格波动中获利。（Bloomberg）

<p>Odaily星球日报讯 彭博社：比特币最新一轮的下跌正在揭示一种根本性的变化：过去那种吸引散户冒险者的大幅波动正在减弱，这反映了华尔街对加密市场基础结构影响力的不断增强。尽管自 10 月初创下历史新高以来，比特币已回落最多 36%，但隐含波动率依然受到抑制。这种变化表明，机构化进程正在重塑该代币的风险传导方式。而在早期，比特币的价值主要由投机驱动，交易者希望从其频繁的大幅价格波动中获利。（Bloomberg）</p>

分析：比特币下跌凸显华尔街控制力，波动性被打破但波动性却依旧温和

Odaily Odaily reports (Bloomberg): Bitcoin's latest decline is revealing a fundamental shift: the high volatility that once attracted retail risk-takers is diminishing, reflecting Wall Street's growing influence over the crypto market's infrastructure. Despite falling as much as 36% since its all-time high in early October, implied volatility remains subdued. This shift suggests that institutionalization is reshaping how risk is transmitted through the token. In its early days, Bitcoin's value was primarily driven by speculation, with traders hoping to profit from its frequent, large price swings. (Bloomberg)

<p>Odaily Odaily reports (Bloomberg): Bitcoin&#39;s latest decline is revealing a fundamental shift: the high volatility that once attracted retail risk-takers is diminishing, reflecting Wall Street&#39;s growing influence over the crypto market&#39;s infrastructure. Despite falling as much as 36% since its all-time high in early October, implied volatility remains subdued. This shift suggests that institutionalization is reshaping how risk is transmitted through the token. In its early days, Bitcoin&#39;s value was primarily driven by speculation, with traders hoping to profit from its frequent, large price swings. (Bloomberg)</p>

Analysis: Bitcoin's decline highlights Wall Street's control; volatility has been broken, but it remains moderate.

Key Takeaways

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