PANews reported on September 24th that XWIN Research analysis showed Bitcoin's implied volatility had fallen to its lowest level since 2023, a low previously seen before Bitcoin's 325% surge from $29,000 to $124,000. This has sparked concern about whether the "calm before the storm" phenomenon is returning. CryptoQuant's on-chain data supports this trend: First, exchange reserves are declining, with total balances near multi-year lows, indicating a decrease in the amount of Bitcoin available for immediate sale, a historical precursor to supply tightening during periods of rising demand. Second, the MVRV ratio is in a neutral range, indicating neither significant investor losses nor excessive profits, with no panic selling or profit-taking pressure in the market, and a strong "wait-and-see" sentiment. Third, funding rates are balanced, with neither excessive long or short positions, mirroring subdued volatility and indicating a accumulating market momentum. These three signals paint a consistent picture: a decreasing supply of Bitcoin on exchanges, investors holding onto their holdings, and a calm derivatives market. While implied volatility suggests we are currently experiencing one of the calmest periods in years, history shows such periods rarely last.