According to on-chain analyst Axel Adler Jr., Bitcoin's 30-day moving average realized volatility has dropped from around 39 in early March to the 17 level currently. This represents a decline of more than 56% on a quarterly basis.

Adler Jr. analyzed that the market has currently entered a 'high-compression accumulation phase,' where low volatility and a slowing premium are occurring simultaneously. In particular, he explained that the delta indicator, which shows changes in market premium, has recorded negative values for six consecutive months, indicating that investor expectations have noticeably cooled.

However, he added that this extremely low volatility is instead increasing the likelihood of a major directional movement in the market in the future.