Snoozing in the six digits
Bitcoin is still facing low volatility and low trading volumes, despite trailing north of $100,000. CME yields are on a buoyant trend amidst growing OI, indicative of rising long demand in the institutional side of the market.
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Bitcoin’s third sustained stint above $100,000 has unfolded in an unusually muted fashion, characterized by a tight trading range, subdued spot volumes, and restrained speculative activity. BTC closed last week at $106,474, its strongest weekly close ever, yet average daily volumes of $3.7 billion remain more than 20 percent below the average daily spot volume since November and far below the $5.7bn and $6.1 billion averages recorded during BTC’s first two visits to six figures. Both ETF flows, and corporate BTC purchases have helped secure BTC’s strong momentum over the past month. Bitcoin holdings of BTC ETPs have resurfaced to ATHs after
