Bitcoin volatility is sitting at historic lows, but on-chain data and the options market points to an eventual sharp directional move.
. However, on-chain and options market data alludes to incoming volatility in June.
The on-chain transfer volumes of Bitcoin across cryptocurrency exchanges dropped to historically low levels. The price is also trading near short-term holder bias, indicating a “balanced position of profit and loss for new investors” that bought coins during and after the 2021-2022 bull cycle, according to the report. Currently, 50% of new investors are in profit with the rest in loss.
It shows previous instances when LTH spending increased which was usually followed by a volatility uptick.Bitcoin’s recent correction saw a minor downtick in the indicator, “suggesting 4-of-7 days experienced a net divestment by LTHs, which is a level similar to exit liquidity events seen YTD.” Currently, the options traders are showing risk aversion and have increased their bearish positions, moving from May to June.
The potential price levels that can act as a magnet according to options market positioning are the maximum pain level for May and June’s expiration at $27,000 and $24,000, respectively.
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