The volatility of Bitcoin is gradually converging, and this double-edged sword is changing the ecology of the entire market. On one hand, the wild fluctuations have disappeared—the dream of a $150,000 big pump may really be awakening, while the psychological blow of an 80% crash is also lessened. But on the other hand, this stability comes at a cost.

According to research from a well-known asset management institution, the halving of volatility directly means that the magnitude of the pullback shrinks from extreme levels to relatively rational levels. Looking at the recent trends makes it clear: falling from $126,000 to $80,000, although still quite painful, a pullback of about 40% is already considered "civilized" compared to those earth-shattering flash crashes before.

This makes it a bit uncomfortable for some traders who rely on high leverage and extreme fluctuations for their livelihood. But from another perspective, the market is evolving. What does reduced volatility mean? It means that a controllable risk and a more stable asset image are gradually emerging, and the participation of institutional investors is naturally rising.

What’s more interesting is the trend of integration that some leading trading platforms are undergoing. From professional trading tools to one-stop investment services, the boundaries of these platforms are becoming blurred. What about the imaginative space for the future? The revenue generated by AI technology may directly shift towards cryptocurrency asset allocation. Once this chain is established, the flow of funds in the entire ecosystem will undergo fundamental changes.