According to @glassnode, Bitcoin (BTC) has added $732B in new capital this cycle and its 1-year realized volatility is nearly halved, indicating a calmer, larger, and more institutional market per the Q4 Digital Assets Report co-authored with Fasanara Digital; source: Glassnode. Lower realized volatility historically compresses options premiums and dampens realized price swings, a dynamic traders incorporate into derivatives pricing and position sizing; source: Cboe Options Institute.