[Bloomberg: Bitcoin Decline Reveals Reduced Volatility and Institutional Influence] On November 27, Bloomberg reported that Bitcoin's recent decline indicates a fundamental shift in the market. The sharp volatility that once attracted retail investors is diminishing, reflecting the growing influence of Wall Street on the infrastructure of the crypto market. Despite Bitcoin's 36% drop from its all-time high in early October, implied volatility remains low, suggesting that the institutionalization process is altering the way Bitcoin's risk is transmitted. In its early days, Bitcoin's value was primarily driven by speculation, with traders profiting from frequent and significant price swings.