- Kaiko’s research unveils Bitcoin’s increasing volatility compared to Ether amidst anticipations of the upcoming BTC halving.
- Bitcoin’s 30-day volatility reaches 60%, surpassing Ether’s volatility by at least 10%.
- Greg Magadini claims that the bullish positioning before halving indicates the potential for a sell-the-news pullback after the halving.
The pioneer cryptocurrency Bitcoin, considered relatively stable compared to other digital assets, has recently been highly volatile. According to recent research by the analytics firm Kaiko, Bitcoin’s volatility surpassed Ether’s volatility rate amidst anticipations of the upcoming BTC halving.
Reportedly, Bitcoin’s 30-day volatility reached 60%, exceeding Ether’s 30-day volatility by at least 10%. As per Kaiko, the gap between these top cryptocurrencies’ volatility marks a multi-year high.
Source: Kaiko
Notably, following the SEC’s approval of the Bitcoin ETFs and the subsequent flourishing of the Spot Bitcoin ETF market, Bitcoin was remarkably stable. Bitcoin’s price surged past the previous all-time high of $69K and marked a new all-time high of $73,700 on March 14, 2024.
However, speculations of an imminent Bitcoin halving in April, which is expected to cut the BTC mining rewards from the current 6.25 BTC to 3.125 BTC, placed the BTC price in high volatility. At present, Bitcoin is trading at $69,675, with a daily decline of 0.79%. Nonetheless, the cryptocurrency has seen a weekly surge of 3.69% and a monthly hike of 13.15%.
Meanwhile, Ether is priced at $3,551, with a decrease of 1.90% in the last 24 hours. Despite the modest daily decline, Ether experienced a 2.33% hike in one week and a 4.66% surge in one month.
Greg Magadini, the Director of Derivatives at Amberdata, acknowledged the bullish positioning before the halving as an indicator for the potential sell-the-news pullback after the halving. Magadini added that Bitcoin’s options market is also impacted by anticipation of the halving event.
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