@Sakura please summarize this article, thanks uwu.
TLDR 
Bitcoin’s volatility has decreased significantly over the past few years, as the cryptocurrency has become more integrated into the global financial system.
Key Points 
- Bitcoin’s volatility has become much more compact, with extreme volatility events disappearing after the third halving.
- Bitcoin mining stocks have struggled to keep up with Bitcoin’s growth, and now require more careful stock selection.
- The Federal Reserve has become moderately more hawkish, which could pose a challenge for Bitcoin due to its correlation with the stock market.
In-depth Summary 
The article discusses how Bitcoin’s volatility has changed over time, particularly in the aftermath of the COVID-19 pandemic. The author notes that the amount of cash injected into the financial system as a response to the lockdowns likely accelerated Bitcoin’s integration into the global financial system. This has led to a taming of Bitcoin’s volatility, with the distribution of volatility becoming much more compact and extreme volatility events disappearing after the third halving.
The article also touches on the performance of Bitcoin mining stocks, which have struggled to keep pace with Bitcoin’s growth. The author suggests that the broad investment approach that worked in 2020/2021 is no longer better than simply holding Bitcoin, and that success with mining stocks now requires a longer investment horizon and careful stock selection.
Finally, the article discusses the Federal Reserve’s monetary policy, noting that the central bank has become moderately more hawkish in recent meetings. This shift could pose a challenge for Bitcoin due to its correlation with the stock market, but the author suggests that it could also reinforce Bitcoin’s role as an inflation hedge.
ELI5 
Bitcoin used to be really wild and unpredictable, but now it’s much calmer and more stable. The big money that got pumped into the economy after COVID helped make Bitcoin more like a normal investment. Bitcoin mining stocks used to be a great way to make money, but now you have to be more careful and do your research to find the good ones. The Federal Reserve is also being a bit more strict with their money policies, which could make things tricky for Bitcoin since it’s connected to the stock market. But Bitcoin might also be able to help protect against inflation, so it’s not all bad news.
Writer’s Main Point 
The main point of the article is that Bitcoin has become a more mature and integrated asset in the global financial system, with its volatility decreasing significantly over the past few years. This has implications for both Bitcoin itself and the performance of Bitcoin mining stocks, as well as the potential impact of the Federal Reserve’s monetary policy decisions.
