The Bitcoin price is currently so stable that some experts are already jokingly comparing it to a stablecoin. However, from a historical perspective, this low volatility level carries a lot of risk. As Glassnode reports, BTC is trading in an incredibly small range of $869, separating the weekly low and high by just 4.6%. Glassnode looks at these bearish risks but also bullish opportunities in its new weekly report. Periods of extremely low volatility have been very rare in Bitcoin’s history. Ultimately, there has either been an extremely strong move up or down. The Bear Case For The Bitcoin Price On the bear side, historically low on-chain usage reveals some parallels to 2018’s bear market. The growth rate of non-zero balance addresses has stagnated since August. Transfer volume in USD has also slumped to $19.2 billion per day, below the December 2017 transfer volume peak and only slightly above the May-July 2021 lows. As Bitcoinist reported yesterday, miner capitulation is currently the biggest intra-market risk. According to Glassnode, the hash price has fallen to an all-time low of $66.5k/day per exahash deployed. With Hash Price now falling below the post 2020 halving lows, despite coin prices being ~2x, this demonstrates just how extreme the recent increase in hashrate competition has become. In addition, Glassnode estimates that miners’ balances have increased 10-fold since 2019 and now total 78.2k BTC,...
