As The Block reported, BTC over the past 30 days has fluctuated around the $29,000 threshold, with a volatility of only 15.5%. For comparison, Bitcoin’s monthly volatility averaged 61.4% in 2022 and 43.8% so far in 2023.
The low price volatility index also reflects a decline in BTC trading volume, as activity in the market is rather dull. According to The Block, Bitcoin trading volume on August 13 was only $1.88 billion.
With the current gloomy market, Bitcoin has been around the $29,000 mark for a month now. It is trading at $29,338, up 0.51% over the past 7 days.
However, the market is showing some recovery signs after the Fed has released a new framework to regulate crypto as well as the CPI in July was lower than expected. According to CoinShares, the market has seen a cash flow of 144 million USD in the last 3 weeks.
Data shows that sentiment for Bitcoin and the broader crypto market remains supportive despite the seasonally low volumes, CoinShares said.
In addition, the largest institutional investor of Bitcoin MicroStrategy in July revealed to buy 467 BTC, at a cost of $14.4 million. The company has raised the value of Bitcoin in its treasury to 152,800 BTC, showing confidence in the coin’s potential despite all market scenarios.