On-chain analyst Axel Adler Jr stated that Bitcoin's realized volatility (30-day moving average) has decreased by over 56% on a quarterly basis, falling from approximately 39 in early March this year to the current level of 17. He analyzed that the market has entered a highly compressed accumulation phase, characterized by both low volatility and a slowdown in premiums. He also explained that the delta indicator, which shows changes in market premiums, has recorded negative values for six consecutive months, indicating a cooling of market sentiment. However, he added that the likelihood of significant directional movements, along with increased future volatility, is rising.