Textbook summer doldrums
Volatility, volumes, open interest and ETF flows remain in summer hibernation mode, with on-chain transfers following this week’s Coldcard attacks being the only BTC metric signaling hectic activity.
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Bitcoin remains stuck in textbook summer doldrums, with low volumes, subdued ETF flows and modest open interest producing a flat return since last Tuesday. The quiet market contrasts with a busy news cycle featuring the FOMC meeting, the liquidation of Leopold Aschenbrenner’s Situational Awareness portfolio and a Coldcard attack. The Fed held rates steady despite three members favoring a 25 basis point hike, while markets now assign a 61% probability of a September hike.Volatility across AI-related companies, potentially amplified by the Situational Awareness unwind, pushed Nasdaq volatility sharply higher. Thirty-day QQQ volatility is now unusually close to BTC volatility, while their correlation has fallen to its lowest lev
