Waiting and seeing
Volumes at yearly lows, volatilities at yearly lows, and aggressive ETF outflows. Meanwhile 30-day average funding rates flips positive, ending the negative funding rate streak at 84 days, 4 days shy of a new record.
Preview
Bitcoin has spent the past week consolidating and trading broadly flat, while activity across crypto markets remains muted. Weekly spot volumes are approaching yearly lows, derivatives activity continues to decline across both CME and offshore venues, and open interest has largely stagnated. At the same time, realized and implied volatility have drifted toward historically low levels, reinforcing a broader wait-and-see environment with subdued participation and limited market conviction.On the macro side, geopolitical signals around the Strait of Hormuz improved over the weekend after Trump stated that a peace framework was under negotiation, reportedly including a 14-point draft agreement and a short timeline for Iran to finalize terms. The situation remains fragile following recent U.S. strikes on Iranian military targets, but a credible de-escalation would likely support broader risk sentiment and could provide a catalyst for BTC to break out of its current low-volatility tradin
