Bitcoin (BTC) volatility is currently at 3.1%, slightly exceeding its 1-year average of 2.5%, according to K33 analysts. This stands in contrast to the recent spike in the S&P 500, which has faced its largest weekly volatility since April 2020. The stable volatility of BTC amidst broader market turmoil is notably unusual, as typically, sharp equity movements result in more pronounced BTC fluctuations. Last week, trader sentiment on the CME indicated a cautious market stance with defensive positions held, showing slight improvement in sentiment as yields trend upwards, although current premiums remain at 6.3%. Despite some inflows from market participants, outflows have largely balanced them, leaving the futures-based ETF with just 43,930 BTC, its lowest since July 2024. The ongoing assessment of this data will be crucial, particularly given the volatile dynamics observed midweek.

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