Bitcoin’s realized volatility over the past 12 months fell to 43%, placing it within the distribution of individual S&P 500 stocks and below the volatility of 19% of constituents, Grayscale said. The reading compares with an average of 64% over the past 10 years and 81% five years ago. Bitcoin’s volatility has eased as liquidity deepened, institutional participation broadened and regulated access expanded, including after U.S. spot bitcoin exchange-traded funds were approved in 2024. The token’s price surged in August and September, producing its best quarter in years and prompting some analysts to call a return to a bull market. Bitcoin nevertheless remained 35% below its record of $126,080, recently trading at $82,485 after falling more than 50% from that peak at one point in 2026. K33 Research said December data showed 2025 was Bitcoin’s least volatile year so far. The August rally was helped by news that the U.S. Treasury would at least double its liquidity-support buyback operations, while renewed interest in the debasement trade was supported by a weaker dollar.