Before bitcoin's 2017 parabolic bull run, volatility had been steadily declining while the price was slowly ticking higher. Over the last three years, we've seen similar behavior. Volatility has continued falling while bitcoin gradually climbs. Now it feels like we're at another inflection point. Does volatility keep falling from here? If so, maybe bitcoin continues its slow and steady grind upward. But if we’re still early in the adoption cycle, the setup could be explosive. Governments have yet to take meaningful positions. The S&P 500 owns very little bitcoin. Institutions own very little bitcoin. And the typical portfolio still holds 0% bitcoin. If bitcoin is already a mature asset, maybe the trend continues. But if we’re still in the early stages of global adoption, we might be on the edge of a breakout that looks more like the 2017 parabolic bull run (upward volatility).(Joe Burnett, MSBA)