Bitcoin has traded range bound between $9k and $10k for 48 days

Bitcoin might as well be a stablecoin with how stable it’s price has been over the past month and a half. Despite all the action in DeFi and broader financial markets Bitcoin has traded range bound between $9,000 and $10,000 for the past 48 days.

Source: Messari Portal

Spot volumes are down significantly over the past couple months, and volatility is plummeting. The phenomena has left many wondering when does this trend reverse and what will cause it.

Why it matters:

• It’s surprising to see Bitcoin be so boring given everything happening both within and outside the crypto industry.
• This trend will likely reverse once spot volumes pick back up; however, it’s not clear what will be the driver.