16 May 2023

A climate ripe for a move?

BTC faced eight consecutive days of negative returns with a brief push towards a $25k retest, only to return to the $27,000 area for the fourth Tuesday in a row.
Ahead of the curve (27)

In Short

Implied volatility at all-time lows as activity dwindles. A climate ripe for a move?


  • 3mth IV at all-time lows
  • Tether did not buy 52,000 BTC in Q1, 2023
  • Fourth consecutive $27k BTC Tuesday
Overall, the most remarkable observation from the past week has been the lack of activity across the market. The overarching trend of low activity that we’ve highlighted over the past week has strengthened. Volumes are declining, CME stays slow, while BITO saw a week of zero inflows or outflows.
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