Bitcoin’s implied volatility has fallen to a new 2026 low while U.S. Treasury yields have climbed to their highest level of the year. Jeff Park, head of alpha strategies at Bitwise, warned that this configuration could only end in a sharp Bitcoin move. BTC is currently trading between $63,000 and $66,000, around $64,785, after dropping to the $58,000-$60,000 area in late June before recovering toward $67,000 around July 21. This unusual compression in volatility suggests the market may be underpricing the size of the next move. The macro environment diverges notably from the cryptocurrency market, with bonds sending a very different signal than Bitcoin.
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