Bitcoin, the largest cryptocurrency by market cap, experienced a slight setback on Monday, dropping below the $70,000 mark amidst heightened market volatility leading up to the anticipated halving event slated for later this month.
As of 07:26 ET (11:26 GMT), BTC witnessed a decline of over 1% in the past 24 hours, with its value resting at $69,597.8.
Data from Glassnode reveals that Bitcoin‘s 30-day annualized realized volatility spiked to 63.76% last week, remaining above 60% as the week concluded. This surge marks the highest level since August 2022. Realized volatility, a measure of price fluctuation risk over a specified period, has seen a notable increase, indicating heightened market turbulence.
Furthermore, analytics firm Kaiko reports a significant discrepancy in volatility between Bitcoin and Ethereum, with Bitcoin’s 30-day realized volatility surpassing Ethereum’s by almost 10 percentage points—the widest gap observed in over a year.
This divergence emerged following the approval of spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC), offering traders indirect exposure to Bitcoin without direct ownership.
Analysts at JPMorgan noted approximately $184 million in sales across U.S. spot Bitcoin ETFs on Thursday, the 54th trading day since their launch. While daily gross flows exhibited a slowdown for most ETFs, Bitwise’s BITB vehicle experienced a notable uptick with $67 million in inflows, surpassing its daily average.
The spotlight has shifted to the performance of these spot ETFs, driving increased volatility in Bitcoin and the broader cryptocurrency market. Conversely, dwindling hopes for the SEC‘s approval of an Ethereum ETF by May have dampened trading enthusiasm among ETH investors.
In other cryptocurrency news, Bitkub Capital Group Holdings, the parent company of Thailand’s leading cryptocurrency exchange Bitkub Online, is preparing for a public share offering in 2025. CEO Jirayut Srupsrisopa disclosed plans for a listing on the Stock Exchange of Thailand to enhance visibility and secure additional funding, following a successful offloading of a 9.2% share of Bitkub Online Co. to Asphere Innovations Pcl for 600 million baht ($16.5 million) in July 2023. Srupsrisopa anticipates a valuation surge for Bitkub Online, driven by trading volumes reminiscent of the cryptocurrency boom in 2021.
