The chart above represents the BTC volatility index since February 2017. The metric fell to the level of 20.00 towards the end of 2022 and kept falling to see its lowest in BTC history at 11.46.
Before 2022, the all-time low for this metric was recorded around just above 20.00 during late 2018 and early 2019.
The chart above demonstrates the same volatility index with a 7-day moving average. This chart shows that every time the BTC volatility index hits bottom, it records an aggressive spike afterward.