The recent levelling out of bitcoin’s price volatility might be good news for everyday bitcoin users, but could it send a bunch of exchanges off the cliff?

CoinDesk recently spoke to the CEO of a company whose fortune depends on the health of bitcoin exchanges. In the off-record conversation, the exec had something disturbing to say: bitcoin’s falling volatility is causing problems for exchanges, which rely on volatility for trading volume. Without trading volume, their revenues will fall, leading to a shakeout in 2015.

That’s scary stuff, but does it hold up? Let’s start with the link between volatility and volume.

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