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The crypto flight to safety continues
The crypto market has continued its poor performance into June. So far in the month, bitcoin has decreased by 1%. The Large Cap Index has declined 3%, primarily due to disappointing performances by ETH and BNB, the two largest components of the index.Preview
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One month of extreme fear in the crypto market
According to the Fear and Greed Index, crypto market participants haven't gotten a break from extreme fear since May 5th. Such a prolonged period of extreme fear last happened after the Covid crash in 2020, when the Fear and Greed Index indicated extreme fear for 49 straight days. While the sentiment in the crypto market continues to stay at bottom levels, the outlook has somewhat improved in the general financial markets, as indicated by CNN's Fear and Greed Index for the stock market that started ticking up from the bottom in the middle of May.Preview
The bitcoin spot volume normalizing at around $4bn
The 7-day average real bitcoin trading volume* sits at $3.7 billion, a slight decrease over the past seven days. The spot volume continues stabilizing in the $3.5 - $4.5 billion area, which we have become accustomed to during the last year.Preview
Bitcoin’s volatility stabilizes at 4%
Bitcoin’s 30-day volatility has stabilized at around 4%, slightly above the yearly average 30-day volatility of 3.6%. Historically, the volatility has tended to spike when the market sentiment changes. The crypto market has now been in a condition of "extreme fear" for more than one month, and we can see that the volatility increased at the beginning of May, when fearful market participants rushed for the doors. Since then, the volatility has stabilized.Preview