
👀📈#BTC and #ETH 90-day #volatility just dropped to multi-year lows at 35% & 37% each, making them less volatile than oil at 41%.🤔🗓️ pic.twitter.com/VMfTW53goG
— Kaiko (@KaikoData) August 16, 2023
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1.64%Reading
Notorious for their steep ups and downs, leading cryptocurrencies Bitcoin and Ethereum appear to be taking a summer pause.
Now, even oil has overtaken these digital assets, overtaking the two in volatility terms.
Per new data from Kaiko research, 90-day-volatility indexes for Bitcoin (BTC) and Ethereum (ETH) have hit multi-year lows, dropping 35% and 37%, respectively.
This now makes the top digital assets less volatile than oil, which sits at 41%.
Market volatility is the frequency and magnitude of price movements, up or down. It is calculated by how much a price varies over time–with a higher percentage representing higher volatility, and vice versa.
Cryptocurrencies have historically been more volatile than oil, which is seen in the larger frequency and magnitude of their price movements, triggering Kaiko analyst Dessislava Ianeva to call the current market “unusual.”
That said, this volatility has declined substantially according to the Kaiko analyst, as “Bitcoin as an asset continues to mature.”
Although oil is currently leading volatility among assets measured—which include the Nasdaq and gold— it has dropped since last year.
Ianeva aid that oil’s volatility has fallen from 63% in July 2022, although it has been picking up since April.
👀📈#BTC and #ETH 90-day #volatility just dropped to multi-year lows at 35% & 37% each, making them less volatile than oil at 41%.🤔🗓️ pic.twitter.com/VMfTW53goG
— Kaiko (@KaikoData) August 16, 2023
A driver, she told Decrypt, seems to be an increase in geopolitical tension as well as a “disappointing reopening” by China.
The country had imposed stringent Covid-19 restrictions up until recently, but lifting those restrictions hasn’t had the bullish economic jolt that many expected.
Kaiko’s research also shows that Bitcoin and Ethereum sit at multi-year lows in terms of liquidity and trade volume, says Ianeva.
This could also be driving the reduced volatility and oil’s surprising lead.
While Bitcoin’s price has recovered since its March lows, topping out near $28,900, the crisis that caused the initial dip still poses concerns for the market. The closure of Silvergate’s SEN and Signature’s Signet network in early March has exposed the crypto market to low liquidity risks. “Liquidity is king,” an adage in trading circles, is an apt way to describe its importance. It describes a market's ability to facilitate conversion between an asset to fiat currency. Poor liquidity around an...
For Ianeva, these figures have a two-tiered answer. She told Decrypt on the one hand it’s likely due to the “traditionally slow summer months.” On the other, it is the “market looking for a narrative.”
A spot Bitcoin ETF–which Ianeva reckons is “still months away”–could swing things back into the market's favor.
This doesn’t seem far-fetched after BlackRock’s surprising application, a firm that also enjoys an impressive track record for application approval, and the subsequent moves by other applicants.
Bitcoin and Ethereum exchange-traded funds on Thursday received over $1 billion in new investments, the highest combined inflows in five months, underscoring the accelerating appetite for crypto-focused products over the past two weeks. BlackRock's iShares Bitcoin Trust (IBIT) accounted for most of that total, generating $877 million in net inflows. That's the third-highest daily total for the fund, which has spearheaded the recent surge, according to data from U.K. asset manager Farside Investo...
An attendee of Thursday’s Trump crypto gala dinner launched a Solana meme coin via Pump.fun amid the president’s speech—posting evidence of the action in a Telegram group. The token failed to gain much traction, however, topping out at a market cap of $450,000 before it crashed and burned, with holders who apparently gambled on the token’s prospects labeling the deployer a “scammer” and calling for “jail time.” In a video posted in the meme coin’s Telegram group, the attendee can be seen recordi...
The price of various altcoins fell on Friday after U.S. President Donald Trump threatened to impose new tariffs on the European Union and Apple, the $3 trillion iPhone maker. Ethereum was recently changing hands around $2,550, a 4.1% decrease over the past day, according to crypto data provider CoinGecko. XRP and Dogecoin fell around 3.6% to $2.35 and $0.23, respectively, while Solana edged down 0.8% to $177. The EU, one of America’s largest trading partners, should face 50% tariffs on goods imp...