10x Research: Bitcoin trading volume has significantly shrunk, and the price fluctuation range has narrowed to a several-month low

The latest report from 10x Research indicates that Bitcoin trading volume has dropped to a small fraction of the peak levels seen after the U.S. presidential inauguration and during the flash crash last October, while the price has entered one of the narrowest volatility ranges in months. Historically, similar low-volatility states are often difficult to sustain in the long term.

Additionally, options flow shows that traders' market confidence is changing, and positions have begun to adjust. Bitcoin's implied volatility has also fallen to a low level rarely seen outside of the summer off-season, while ETF inflows remain weak, and stablecoins continue to flow out of the crypto market. Strategy, which was once one of the most stable buyers in the market, has become a seller for four consecutive weeks.