Bitcoin is hovering around $81,735, with a monthly move of less than 6%, while the five largest cryptocurrencies have each gained less than 2% over seven days. Jake Koch-Gallup, senior research analyst at Blockworks, says such low volatility has often preceded 30% price swings in either direction. Investors are mainly waiting for the Federal Reserve’s October 28 decision, following its September rate increase and 0.6% monthly inflation reading, but analysts disagree on what the market’s stagnation signifies. André Dragosch of Bitwise Europe says pullbacks during the current recovery have been less damaging than in previous cycles and that options are unusually cheap, while Carlos Guzman of GSR attributes the inactivity mainly to broader risk-off sentiment. BlackRock’s Bitcoin ETF received a $665.2 million inflow, but buying has not been strong enough to trigger a sustained rally; upcoming catalysts include $11.69 billion in options expiring on October 30 and the U.S. midterms on November 3.
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