Bitcoin-Volatility Collapse Forces Risk-Loving Traders Elsewhere

Bitcoin, once the unruly child of finance, is showing signs of maturity as its wild swings fade, forcing speculative traders to hunt for a new playground.

The world’s biggest cryptocurrency is behaving more like a blue-chip stock as Wall Street’s buy-and-hold investors plunge in. Annualized volatility has dropped to a once-unthinkable 38% from close to 200% more than a decade ago. It is now comparable to the likes of Starbucks Corp. or Goldman Sachs Group Inc., according to Bytetree Asset Management.