In order for volatility to be muted these strong-handed institutions need to be trading the market... selling the tops. We both think that isn't happening. They are buying Bitcoin and locking it away in cold storage for years.
Waves are bigger when the tide is coming in... at least in the ocean.
They are buying on the bid, putting large orders percentages below the current market price. So, any dumps get absorbed by them and doesn't allow for cascading sell offs like we've seen in the past where retail stop loss after retail stop loss gets liquidated. That's what institutional buyers bring.
There may be a couple along the way, but I highly doubt there will be 8 of them. We be in one of those right not actually, though currently it's barely over 15%.