#比特币现货ETF The phenomenon of "volatility dulling" after the widespread adoption of Bitcoin ETFs warrants in-depth observation. From on-chain data, the inflow of funds into Bitcoin spot ETFs over the past six months has been substantial, but the volatility of Bitcoin prices has significantly decreased—this reflects a change in the tool's attribute.

When Bitcoin is incorporated into traditional asset allocation frameworks, its risk control logic undergoes a transformation. Large institutions operate according to portfolio rebalancing rules, and this rigid buy-sell logic directly suppresses extreme price fluctuations. At the same time, observing capital flows, under the high-interest-rate cycle of the Federal Reserve, liquidity-sensitive long-tail assets are naturally under pressure. Meanwhile, the competition for energy among AI computing centers fundamentally alters the marginal return assessment of capital—just look at how many mining farms have been converted into data centers.

This is not Bitcoin being discredited, but rather being re-priced. The current low-volatility pattern is essentially a hedging state between profit-taking pressure and continuous sovereign-level buying. The key is to watch when this "attractor" breaks—moments when AI marginal efficiency declines or liquidity patterns reverse are the windows to observe large on-chain transfers and whale movements.