A study on #bitcoin's volatility and extreme tails. Start of thread... 1/ Key takeaways: 1. As seen below, and somewhat obvious today, bitcoin's volatility has decreased. 2. Bitcoin has consolidated 84% of the time, above the rule-of-thumb 70% given in financial literature. 3. Bitcoin days of extreme volatility seem to have diminished over time. 4. Based solely on recorded volatility, there have been two extremely catastrophic days in the history of bitcoin. Which days? The answer is at the end of this thread. The first chart below provides every single trading day in context on how volatile it is relative to 1 to 4 standard deviations (a.k.a. sigma units). Let's dive in...