I think Bitcoin have gain more popularity to the level that people no longer go into panic selling when any negative news about Bitcoin came up, people mostly sees it as a long time investment, that's why it's displaying less volatility.
Investors have more faith now in Bitcoin because it always fight back in value no matter how the price depreciate.
Well, more people realized that. But definitely not all of them. There are still a lot of people who want to enter the crypto world to become rich quickly, fail to do that, and abandon it forever or for a long time.