Bitcoin apathy. Investors tired of exchange rate changes

Bitcoin is a currency for people with strong nerves, you can earn good money on it almost overnight, but also lose everything – for years this attitude was dominant among cryptocurrency investors. It was also visible in the exchange rate, when it reacted sharply after subsequent scandals or business announcements, and the value of the token spiked or increased sharply. Right now, however, Bitcoin seems remarkably calm.

Bitcoin most stable since 2016

Currently, one BTC token is worth $29,135. Interestingly, around 29,000 hole. however, it persists for a very long time. Data from the Bloomberg agency indicate that the token exchange rate is the calmest in 7 years.

The so-called K33 volatility index measures periods when the value of the token did not change by more than 5%. For the last 90 days, it is 35 points (the lower, the more stable). This means that Bitcoin has calmed down the most since 2016.

Journalists remind that the period in 2020 was already considered unusual for the currency, when the volatility index recorded the lowest value at that time at 56 points. During this time, Bitcoin showed no change above 5%. for as many as 47 days in one go.

Bitcoin Stable – Is it Investor Fatigue?

The usual state of the token to which Bitcoin has accustomed us is changes above 5 or even 10 percent even every day. Each subsequent session could bring a total trend reversal and turn profits into losses and vice versa. “The deafening silence in the (cryptocurrency) market during the summer of 2023 pushed volatility to unprecedented lows,” experts from Bendik Schei and Vetle Lunde assess.

Glassnode analysts theorize that the current calm in cryptocurrencies may be caused by “extreme apathy and fatigue” of investors, which may be indicated by “a number of indicators” observed by specialists.