Bitcoin, the asset once synonymous with stomach-churning price swings, is having a remarkably boring stretch.
The Bitcoin Volatility Index, known as BVIV, has fallen to 38% annualized as of May 22, a level not seen since October 2025. That means options traders are pricing in significantly smaller expected price moves over the next 30 days. Bitcoin itself has been trading between $77,000 and $77,300.
What’s driving the calm
Three forces are converging to drain volatility from the market. First, geopolitical tensions, particularly around Iran, have eased considerably. Shiliang Tang of Monarq Asset Management pointed to this cooling as a direct contributor to the subdued trading environment.
Second, institutional buying has been steady rather than erratic. The kind of large, programmatic accumulation happening right now doesn’t create the sharp demand spikes that send prices lurching.
