For bitcoin supporters, the reality that BTC is more stable than Kospi is a notable victory. Still, the largest cryptocurrency remains twice as volatile and risky as the S&P 500 index, whose 30-day volatility index (VIX) sits below 20%. Perhaps the real milestone for bitcoin bulls will be the day VIX becomes more expensive than BVIV.
Meanwhile, the price of bitcoin remains under pressure, trading below its widely followed 50-day moving average, although there is a glimmer of optimism. According to analytics firm Nansen, wallets that typically move first and largest during geopolitical flare-ups have not significantly converted into stablecoins.
“This is consistent with previous flare-ups in the Middle East: short-term leveraged long positions disappear and then accumulation resumes,” Nicolai Sondergaard, a research analyst at Nansen, said in an email.
Other market observers urge focusing on the upcoming hearings in Washington DC.
“The Clarity Act today faces what could be its final test, the industry insisting it be done as the bill faces Trump’s conflict of interest provisions and new hurdles from the Senate before the August recess. This is the regulatory clarity the institutional offering has been waiting for,” Marex analysts said.
