Grayscale says Bitcoin's one-year realized volatility has fallen to 43%, placing Bitcoin within the volatility range of S&P 500 stocks. Grayscale compares that level with 81% five years ago and a 64% ten-year average. Bitcoin was less volatile than 19% of the index's stocks, although Bitcoin remained more volatile than most components. Grayscale links the decline to deeper liquidity, institutional participation and regulated access through spot ETFs. However, Grayscale cautions that one year of data cannot establish how Bitcoin behaves across full market cycles.