
👀📈#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
$105,318.00
3.95%$2,417.32
7.69%$2.19
9.73%$638.39
3.12%$143.96
7.72%$0.999877
0.02%$0.272157
2.14%$0.163772
7.87%$2,413.60
7.62%$0.582469
7.41%$105,374.00
3.98%$36.55
4.00%$2,909.46
7.49%$2.79
12.06%$464.00
2.41%$13.16
11.61%$9.14
0.95%$0.247496
7.54%$18.14
7.22%$0.999779
0.02%$2.90
5.03%$48.34
1.28%$0.0000117
8.43%$2,418.30
7.61%$0.151777
11.77%$84.52
4.59%$1.00
-0.12%$2,583.80
7.55%$316.10
3.81%$1.001
0.06%$3.43
7.62%$4.25
5.18%$105,913.00
4.51%$0.00000992
12.76%$6.93
11.08%$0.532686
5.95%$262.30
14.22%$1.18
0.09%$355.48
15.33%$51.74
2.28%$1.00
0.00%$4.30
7.56%$2.18
14.87%$1.056
0.02%$0.085226
6.97%$4.95
8.97%$174.55
7.86%$16.35
6.51%$0.776247
15.59%$27.83
1.91%$1.001
-0.02%$0.609932
4.55%$16.46
0.60%$0.074897
14.28%$4.43
-0.26%$9.34
8.14%$0.02153953
10.15%$4.03
7.34%$0.082719
11.55%$105,169.00
3.76%$0.673495
13.68%$3.27
15.09%$0.181806
5.21%$0.268287
11.18%$0.315765
17.27%$2.29
10.09%$0.278649
40.74%$0.179169
11.83%$0.930275
13.07%$0.998035
-0.02%$4.37
4.30%$2,419.57
7.83%$0.9998
-0.05%$98.77
8.92%$10.99
1.97%$1.00
-0.01%$152.10
7.47%$0.416591
20.13%$1.19
5.26%$0.202731
7.21%$1.24
17.82%$0.01706355
5.33%$11.66
19.24%$2,755.29
7.65%$2,528.23
7.51%$1.67
20.39%$0.00001407
13.93%$1.59
12.64%$0.341236
21.63%$1.027
13.36%$1.001
0.04%$0.999995
-0.06%$0.650657
14.94%$0.059765
5.96%$0.550879
12.13%$0.999914
0.04%$3.11
2.97%$2,587.06
7.65%$2,538.26
7.72%$105,142.00
3.93%$1.11
0.05%$3,353.66
-0.97%$638.51
3.07%$0.860345
24.21%$105,256.00
3.90%$3,331.04
-1.24%$0.082931
11.92%$105,749.00
2.92%$0.517243
7.90%$2,525.80
7.10%$0.579199
10.02%$0.419736
11.99%$2.14
8.57%$161.22
7.97%$0.00007366
14.80%$111.54
0.02%$187.63
8.00%$2.18
6.90%$0.831442
10.18%$2,613.52
7.85%$0.683034
13.16%$0.01405514
25.64%$42.23
11.42%$0.998841
0.08%$0.01015145
0.73%$0.710485
8.42%$0.01409134
11.44%$1.089
-0.50%$0.00000064
13.39%$0.255755
8.98%$0.00992771
16.37%$0.162387
8.88%$18.75
8.86%$0.235036
8.73%$30.95
6.14%$0.99774
0.02%$104,744.00
3.62%$1.98
3.21%$3.56
7.46%$0.424943
9.79%$0.535233
8.12%$0.097119
11.60%$0.51785
14.97%$105,288.00
4.03%$2.05
10.80%$36.73
5.35%$2,418.46
7.81%$2,418.20
7.83%$0.524368
6.97%$0.330906
7.86%$105,391.00
4.11%$2,581.75
7.55%$2,540.96
7.44%$0.709485
48.42%$0.262914
8.97%$0.621649
9.71%$0.998849
0.06%$0.01452246
10.42%$0.999906
0.03%$1.37
9.03%$2,418.79
7.73%$0.423724
2.96%$7.78
0.57%$47.66
7.26%$0.999835
0.01%$0.06068
-0.23%$0.999709
-0.02%$0.04297596
18.30%$2.31
3.87%$36.67
5.00%$1.37
16.78%$0.163759
7.93%$0.417829
11.14%$0.159058
11.82%$1.01
1.61%$1.091
0.05%$0.0000004
1.95%$0.335162
18.81%$0.00679997
18.58%$0.00428203
26.52%$5.57
8.78%$1.002
0.24%$0.116004
11.32%$13.69
10.63%$2,411.55
7.58%$0.00001886
7.25%$2,567.98
7.85%$2.27
9.19%$0.981866
14.96%$0.492693
10.94%$0.00000093
20.44%$1.16
13.51%$0.070184
9.29%$0.00358297
31.99%$0.353548
9.00%$0.35423
4.86%$0.164956
-1.26%$1.19
2.66%$1.42
8.80%$0.03544551
8.46%$0.854953
44.03%$0.03429004
1.63%$0.00391897
12.36%$0.135251
13.99%$1.001
0.05%$5.15
5.05%$2,666.01
7.75%$105,188.00
3.97%$105,861.00
4.54%$19.68
1.48%$0.01668125
2.00%$1.00
0.02%$2,643.04
7.52%$0.999351
0.07%$1.00
0.03%$0.03148312
5.45%$156.67
7.68%$2,418.69
7.87%$1.12
11.63%$0.00005538
5.82%$1.00
0.05%$10.01
3.34%$0.301199
15.47%$0.703076
4.28%$0.446331
7.29%$0.04532755
15.07%$2,416.78
7.62%$0.00344472
7.78%$109.43
6.89%$0.062074
12.33%$105,436.00
4.32%$0.616239
18.85%$18.12
7.10%$0.00529818
16.61%$0.60049
8.97%$1.001
0.24%$0.00000134
1.84%$1.67
-1.28%$103,612.00
4.19%$2,116.13
4.10%$0.181693
4.91%$1.20
1.15%$6.32
14.77%$1.017
0.05%$102,422.00
3.73%$0.00368722
15.69%$0.18155
8.05%$0.99932
0.03%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.
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.