According to CoinMeta, as reported by Coindesk, the 30-day implied volatility index (VIX), which measures market expectations of volatility in Bitcoin options, has dropped to 36%, the lowest level since May 31st, from a high near 60% at the beginning of June. Recent wallet hacking incidents, weak institutional demand, and macroeconomic uncertainties have not triggered panic in the market. However, volatility tends to revert to its average level, so traders need to be cautious about the potential risks of increased volatility in the future.