Crypto and Bitcoin markets are heading for a lull period if the on-chain activity is anything to go by. In its last weekly on-chain report for the year, analytics provider Glassnode reported that Bitcoin annualized realized volatility has been the lowest since October 2020.
The metric matches similar low volatility levels at the previous cycle bottom in late 2018.
Futures volumes are also severely depressed at multi-year lows, it stated, adding:
“This shows the massive impact of tightening liquidity, widespread deleveraging, and the impairment of many lending and trading desks in the space.”
The FTX implosion has doused the fires of futures markets, and open interest (OI) has slumped as a result. OI is a measure of the number of futures or options contracts that are held by traders and investors in active or open positions.
Leverage ratios have also fallen, which is generally a good thing for crypto markets as most of the leveraged positions have been flushed out. What remains are
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