Bitcoin’s price swings have narrowed to unprecedented levels, with both its annual volatility against gold and its 60-day volatility against the S&P 500 hitting record lows in early June, according to a Bloomberg Intelligence report by strategist Mike McGlone. The cryptocurrency is now exhibiting risk metrics similar to established assets even as it continues to trade near its strongest level relative to the U.S. equity benchmark. McGlone argues that the subdued dynamics reflect a maturing market and could mark the end of the outsized price appreciation that characterised Bitcoin’s earlier years. The token is up about 9% so far in 2025, hovering around US$105,500, but its increasingly stable behaviour may invite comparisons with gold—historically a low-volatility store of value—and potentially limit speculative upside. The strategist adds that elevated U.S. equity valuations may shift some downside risk to Bitcoin if the broader market enters a deflationary phase reminiscent of the post-1929 environment. He also cautions that the Bitcoin-to-gold ratio, which remains elevated, could retrace if investors rotate toward traditional safe-havens. Elsewhere in the digital-asset universe, a broad risk-off mood sent memecoin prices lower. PEPE fell 8.2%, FLOKI dropped 5.8% and WIF slid 8.5% over the past day, trimming the memecoin sector’s market value by roughly 3% to US$59.2 billion. The sell-off underscores lingering fragility across speculative corners of the crypto market even as Bitcoin’s volatility compresses.