On-chain data shows that Ethereum realized volatility has now declined to rare levels observed only three times before in history.

As per data from the on-chain analytics firm Glassnode, the month of December 2022 was historically quiet for both Ethereum and Bitcoin. The “realized volatility” is an indicator that measures the standard deviation of daily returns from the mean for the market in question.

The indicator is usually taken over a rolling window, with the one-week and one-month versions being generally the most useful timespans for it. In the context of the current discussion, the relevant metric is the one-month realized volatility.