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

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)