The bitcoin market is slowly becoming more efficient whereas all news is consider in its prices. This has reduced volatility but given the price movements, the liquidity pools have also increased which makes the market less volatile in principal. We see this with the bid/ask spreads which have remained very tight despite historical volatility. However, I would guess that some imbalance will be created soon as the year end approaches and asset managers look to rebalance for reporting purposes. This would bring volatility back into the markets as positions are taken into 2019.