Opinion: Bitcoin's recent decline exposes the breakdown of old market patterns, yet volatility remains mild

Jinse Finance reported, citing Bloomberg, that the latest round of bitcoin's decline is revealing a fundamental shift: the sharp volatility that once attracted retail risk-takers is diminishing, reflecting the growing influence of Wall Street on the crypto market's infrastructure. Although bitcoin has fallen as much as 36% since reaching a record high in early October, implied volatility remains subdued. This change indicates that the institutionalization process is reshaping the way risk is transmitted for the token. In the early days, bitcoin's value was mainly driven by speculation—traders hoped to profit from its frequent and significant price swings.