For Bitcoin fans, the fact that BTC is more stable than Kospi is a notable win. However, the largest cryptocurrency remains twice as volatile and risky as the S&P 500, whose 30-day volatility index (VIX) is below 20%. Perhaps the real milestone for Bitcoin bulls will be the day VIX becomes more expensive than BVIV.
Meanwhile, Bitcoin’s price remains under pressure, trading below its widely tracked 50-day moving average, although there are glimmers of optimism. According to research firm Nansen, the wallets that typically move first and have the largest size during geopolitical outbreaks have not moved significantly into stablecoins.
“This is consistent with previous outbreaks in the Middle East, with short-term debt holdings declining and then hoarding resuming,” Nansen analyst Nicolai Søndergaard said in an email.
Other market observers are calling attention to the upcoming hearings in Washington
“Today, the Clarity Act may be the final test. The industry is pushing for it to go through as the bill faces Trump’s conflict-of-interest provisions and new hurdles in the Senate before the August recess. This is the regulatory clarity that institutional applications have been waiting for,” Marex analysts said.