Data tracked by Bitfinex analysts shows that since the Bitcoin blockchain implemented mining reward halving on April 20th, the monthly VRP (volatility risk premium) has dropped from 15% to 2.5%. It is reported that the VRP calculation is based on the difference between the Bitcoin 30-day implied volatility index (BVIV) and the 1-month realized volatility (VBRV) of Volmex. Analysts said: "The significant narrowing of VRP indicates that market expectations are being readjusted to adapt to a more stable and predictable environment after the halving. The market consensus seems to be that future volatility after the halving may be lower than previously expected. In other words, uncertainty has been reduced and market participants expect the market conditions to be more predictable."