CoinDesk analysis reveals that despite a significant overall decrease in Bitcoin's volatility, 2026 has seen 10 anomalous trading days where price fluctuations deviated by at least three standard deviations from recent trading patterns, surpassing the 8 such days observed during the 2018 bear market. This raises questions about how investors measure risk in an institutionalized crypto market. The analysis points out that Bitcoin's annualized volatility has fallen from 84% in 2018 to approximately 46% in 2026, yet the average magnitude of its 3-sigma (extreme) price swings has only decreased from about 10% to roughly 7%.