I suddenly noticed that today is the fifth anniversary of 519, and time flies so fast. At that time, the momentum of dual currency wealth management was booming, and institutional sellers who entered the market one after another were like fish crossing a river. The implied volatility has dropped from 90% in 2019 to 65% in early 2021, and the downward trend is very obvious, with almost no rebound. The market is saying that institutions have collapsed and the volatility will only become smaller and smaller. However, 519 quietly arrived, followed by a series of institutional failures such as Three Arrows/FTX, causing sellers who underestimated the outbreak of option IV to withdraw in disappointment. Nowadays, with the increasing institutionalization/US stock market of Bitcoin, many investors also believe that the era of Bitcoin's large fluctuations is over. But in my opinion, even the oldest commodity, gold, still has potential for volatility today, and I believe that the volatility of the Bitcoin market will not weaken in the future. As the world's newest major asset class, cryptocurrency still has a lot of gold to mine.