Bitcoin is deep into its bear market but displaying unusually low volatility, with 30-day realized volatility falling to 27.2% annualized, down from a long-term average of roughly 80%. The price has been trading in a tight band between $62,265 and $66,509 since early July, after dipping near $58,500 in June, roughly 49% below its all-time high. Spot trading volumes have dropped 27% month-over-month, falling to just the 10th percentile of their historical range, comparable to 2023 bear market levels. Long-term holders have started selling: approximately 356,000 BTC (2.9%) held for more than a year were offloaded last month, bringing the long-term holder share below 60% of total supply for the first time in months.
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