Bitcoin Volatility Hits Lowest Since November 2018
On Sunday, October 4, Bitcoin’s 180-day volatility fell to its lowest level since November 2018, hitting a low of 0.028 in 23 months.
Bitcoin volatility has dropped 43% over the past 30 days, according to CoinMetrics. Many traders remained bearish during the first weekend of October, as evidenced by the funding rates of perpetual futures on the leading crypto derivatives exchanges OKEx, BitMEX and Huobi.
Funding rates on all three exchanges turned negative on Friday, according to Skew, as traders took more and more short positions and negative rates persisted over the weekend.
In the past week, there have been several important events that have influenced the Bitcoin price. However, over the weekend, some buyers began to trade more actively and eliminated the consequences of a slight decrease in BTC, raising the rate above $ 10,640 – this is 2.5% above the low of last week.
As a reminder, last week the CFTC filed a lawsuit against the BitMEX exchange and its owners, accusing them of illegally doing business in the United States and violating KYC and AML rules. The bitcoin rate fell from $ 10,950 to $ 10,440. Within a day after the allegations were made public, 32,000 BTC were withdrawn from BitMEX.