Chris Kuiper, vice president of research at Fidelity Digital Assets, has noted that Bitcoin's volatility continues to decrease despite the fact that the cryptocurrency is in the middle of a bull run. Kuiper has suggested that Bitcoin's volatility could be " alt="Article Image" a coiled spring," alt="Article Image" meaning that a new explosive move could come in the near future. Alternatively, however, the leading cryptocurrency could be in a completely different low-volatility environment, which sets the current rally apart from the previous ones. In such an environment, Bitcoin could simply continue calmly grinding higher. Three Jay Partners COO Kristoph Jeffers previously opined that Bitcoin volatility had been crushed with ETF options and sustained bids from institutions and corporate players. Eerie calmness The chart shared by Kuiper shows that Bitcoin's 30-day historical volatility has nose-dived from more than 60% in March to just 20% in August. Glassnode data shows that the at-the-money implied volatility for Bitcoin options is currently near all-time lows. The analytics firm has noted that such suppressed volatility often precedes major moves. Sharp reversal Earlier today, however, volatility reared its ugly head, with Bitcoin collapsing below the $118,000 level shortly after the cryptocurrency reached its current all-time high of $124,517 on the Bitstamp exchange. As reported by U.Today, the sudden plunge came after Treasury Secretary Scott Bessent ruled out buying Bitcoin for the strategic reserve. Cryptocurrencies, as well as other risk assets, also got hit by stronger-than-expected wholesale inflation data that made another rate cut less likely.