Schwab Crypto Research Head: Speculative Capital Is Moving Away as Bitcoin Volatility Falls Schwab Head of Crypto Research Jim Ferraioli @jimferraioli said in an October 6 interview with Coinage that Bitcoin's volatility has continued to decline as the market matures, with volatility in the current cycle at around 40, lower than in previous cycles. At the same time, more high-risk speculative activity is shifting outside Bitcoin into areas such as DeFi, perpetual futures, and prediction markets. Ferraioli said that as Bitcoin grows larger and sees fewer extreme rallies and deep drawdowns, more speculative demand is moving into other crypto assets and products.