Bitcoin has recorded 10 unusually large daily price moves in 2026, even as overall volatility has fallen sharply. Each move was at least three standard deviations from bitcoin's recent trading pattern. Bitcoin recorded eight such days during all of 2018, when bitcoin lost 73% of its value. Macroeconomic shocks and crowded derivatives trades can amplify sudden price swings that standard risk models may miss. However, deeper liquidity, stronger risk management and greater institutional participation have helped the market absorb these swings.