For Bitcoin supporters, the fact 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, whose 30-day volatility index (VIX) sits below 20%. Perhaps the real milestone for Bitcoin bulls will be the day the VIX becomes more expensive than the BVIV.
At the same time, bitcoin’s price 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 in the largest size during geopolitical crises have not significantly transformed into stablecoins.
“This is consistent with previous surges in the Middle East: Leveraged short-term long positions are eliminated, then accumulation resumes,” Nicolai Sondergaard, research analyst at Nansen, said in an email.
Other market observers recommend focusing on the upcoming hearings in Washington DC.
“The Clarity Act faces what could be its final test today, with the industry insisting it is over while the bill runs up against Trump’s conflict of interest provisions and new Senate hurdles ahead of the August recess. It’s the regulatory clarity the institutional bid has been waiting for,” Marex analysts said.
