[Bitcoin Volatility Drops Sharply, But Extreme Swings More Frequent Than in 2018] According to a report by CoinDesk on October 10, as cited by Jinse Finance, analysis shows that Bitcoin has experienced 10 trading days this year where prices deviated by at least three standard deviations from recent trends, surpassing the 8 such days during the entire bear market of 2018. Meanwhile, Bitcoin's annualized volatility has dropped from 84% in 2018 to approximately 46% currently, and the average single-day 3-sigma price movement has decreased from about 10% to around 7%. Since 2024, its volatility has been comparable to Nvidia (approximately 47%), but Bitcoin has recorded 26 3-sigma trading days, compared to 8 for Nvidia, 16 for the S&P 500, and 12 for gold. The report points out that this suggests Value at Risk (VaR) models, which heavily rely on recent volatility, may underestimate Bitcoin's tail risks and encourage excessive portfolio allocations. Deribit CEO Luuk Strijers stated that standard VaR fails to adequately assess full tail risks, prompting the industry to adopt methods like Expected Shortfall. The head of Paradigm's EMEA region noted that while the market has matured due to institutions, ETFs, and deeper liquidity, shocks from macro factors, leverage, and positioning have not disappeared.