- Trading volume reached its lowest level since summer 2020
- Preceding a price trend breakout ended up with nothing
- Experts attribute it to the “dead” season
After the SEC filed a lawsuit against Binance and the exchange CEO personally, the BTC rate dropped nearly 4%. A similar situation is observed in the whole market of cryptoassets. But contrary to this, volatility remains low, and the promised Glassnode breakthrough did not happen.
On Saturday, June 3, the BTC DVol Index reached 39 absolute units, a new historic low. Since then, it has risen slightly (to 41 units. June 5), but still remains below the annual average.
Also the volatility in the options market is shrinking.. The current dynamics reflect the prevalence of passive attitudes. Consequently, there will be no significant changes in the trend in the near future.
“We have to take into account the seasonal factor.. In summer, the market is often sluggish. Sales have already reached their lowest level since the summer of 2020. Historically, the hot season is always flat and low, so traders have had time to determine their positions,” Laura Vidyella of LedgerPrime.
Experts and investors expected serious turbulence after the SEC lawsuit. In addition, prior to that, in the last two weeks, the trading range in the sector reached a low, which indicated a price trend breakout.</nbsp;
But apparently the positive expectations from the “debt” deal in the US were counterbalanced by the shock related to Binance. That’s why the market rolled back to a sleepy state again.
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But the positive expectations for the “debt” deal in the U.S. were balanced by the shock related to Binance.