Bitcoin recorded 10 trading days this year with price moves of at least three standard deviations, surpassing 2018’s 8 such days, even as annualized volatility fell from 84% to 46%. Since 2024, Bitcoin has logged 26 3-sigma days, far exceeding Nvidia (8), the S&P 500 (16), and gold (12). Deribit’s CEO warns standard VaR models underestimate Bitcoin’s tail risk, prompting a shift to expected shortfall methods.