Sean Farrell, the head of digital asset strategy at Fundstrat, stated that Bitcoin's price volatility over the past 30 days has been at one of the lowest levels in history. Historical data shows that similar low-volatility phases often lead to significant market movements. In the eight similar instances he analyzed, the median absolute price change for Bitcoin over the following 60 days was 30.2%, with four instances resulting in price increases and four in decreases. The signal primarily points to volatility rather than a specific direction. Farrell also noted that Bitcoin's approximately 2% rebound on Monday was mainly driven by short covering, with the open interest in Bitcoin contracts decreasing by about 8% since last Friday. He believes that the continued rise in real yields could become a potential catalyst for breaking Bitcoin's current low-volatility state.
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