Bitcoin has never been stable for this long during a bull market. Starting May and October 2023, respectively, the 6m and 1y skews of both broad volatility and extreme tails have been positive with no interruption, unlike prior bull markets. Compare in the charts below. We believe this is exactly what would appeal to a risk-averse investor. (For the technical analyst, what you see below are the log Farinelli–Tibiletti ratios of the upper and lower partial second and fourth moments, capturing the asymmetry of the even-order cumulants over time).