Written by

Vetle Lunde

Senior Analyst

23 May 2023

Pushed to extremes: A remarkably unremarkable market state

Trading volumes at 2.5 year lows and uniquely cheap vol

In short

In this week's market update, we explore the implications of Tether's announced BTC purchases, a potential resurgence of BTC's portfolio diversification narrative, peculiarly priced options, and early signals of positive institutional flows in BTC.


Five consecutive Tuesdays of BTC at $27k

Lowest recorded 7-day average volume since December 2020

Correlation to Nasdaq at 17-month low

Tether to buy 6% of the daily BTC issuance?