according to Bloomberg, that the latest round of Bitcoin's decline is revealing a fundamental change: the large fluctuations that used to attract retail adventurers are weakening, reflecting Wall Street's growing influence on the infrastructure of the crypto market.

Although Bitcoin has fallen up to 36% since hitting an all-time high in early October, implied volatility remains suppressed. This change indicates that the institutionalization process is reshaping the way the token transmits risk.

In the early days, Bitcoin's value was mainly driven by speculation — traders hoping to profit from its frequent large price swings.