Since the end of November, bitcoin has been trading between $91,000 and $109,000, with a very narrow range of volatility. In other words, bitcoin's volatility has decreased significantly. According to Glassnode, the two-week real volatility (a measure of how volatile an asset has been over the past two weeks, on an annualized basis) has fallen to 32%, one of the lowest levels in several years. In addition, the one-month volatility implied by options (the market's expectation of volatility over the next four weeks) has also fallen below the 50% annualized level, again one of the lowest levels in several years.