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 index, whose 30-day volatility index (VIX) is below 20%. Perhaps the true milestone for bitcoin bulls will be the day VIX becomes more expensive than BVIV.
Meanwhile, bitcoin’s price remains under pressure, trading below the widely followed 50-day moving average, although there is a glimmer of optimism. According to research firm Nansen, the wallets that typically move first and in the largest size during geopolitical flare-ups have not meaningfully switched to stablecoins.
“This is consistent with previous flare-ups in the Middle East: Short-term leveraged longs are flushed out and then accumulation resumes,” Nicolai Sondergaard, a research analyst at Nansen, said in an email.
Other market observers call for a focus on the upcoming hearings in Washington DC
“The Clarity Act faces what could be its final test today, the industry insists it gets done, while the bill hangs on Trump’s conflict-of-interest provisions and fresh Senate hurdles before the August recess. This is the legislative clarity the institutional bid has been waiting for,” analysts at Marex said.
