Measurements of bitcoin volatility have trended lower over the past decade but remain higher than assets such as stocks or gold, with the gap between the 180-day real volatility measure for bitcoin and gold, for example, narrowing by more than 100 percentage points to 28 percentage points over that period. Richard Galvin, co-founder of hedge fund DACM, says the increasing institutionalisation of bitcoin ownership will lead to less volatility over time, adding that products such as ETFs introduce a class of investors who are "more likely to make counter-cyclical purchases".