I think market manipulations impacted the volatility this last cycle. “Bitcoin is less volatile” isn’t how bitcoiners should position bitcoin…we should look at bitcoin’s Sharpe Ratio (volatility-adjusted returns) over a 4-year (more accurately a 210k block) epoch.
Willy Woo had a good chart on this but it hasn’t been auto updating for awhile now.
https://charts.woobull.com/bitcoin-risk-adjusted-return/