In recent times, Bitcoin has displayed more fluctuations in its value in comparison to Ether. Bitcoin, known as BTC, is usually considered a stable digital asset, offering protection from sudden market changes to traders. However, it has been more volatile than Ether (ETH) lately.

The historical volatility of Bitcoin over a 30-day period rose to almost 60%, exceeding Ether's 30-day volatility by almost 10%. This is the largest difference seen in a year. Historical volatility measures the extent of price changes over a specified duration.

The volatility shift between Bitcoin and Ether occurred after the approval of several spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). These ETFs allow traders to invest in cryptocurrency without owning it directly, boosting demand and increasing volatility.

Furthermore, the upcoming reward halving event in Bitcoin's blockchain, scheduled to reduce the block reward by 50%, may be contributing to the increased volatility. This is expected to create a supply-demand imbalance that could drive prices higher in line with previous halving cycles. Bitcoin has recently hit new all-time highs, making the upcoming halving event even more intriguing for traders.

Greg Magadini, the director of derivatives at Amberdata, has noted that the market is preparing for a potential pullback post-halving. This could lead to a drop in futures open interest, a shift in volatility towards put options, and a decrease in the basis.

Magadini also highlighted how the options market is pricing in the halving event, with elevated volatility expected leading up to the halving date. This suggests that traders are anticipating increased price movements as the event nears.

In conclusion, the market is closely watching Bitcoin's volatility as the halving approaches, with traders weighing different factors that could impact the cryptocurrency's price.