Bitcoin [BTC]: Analyzing the factors behind king coin’s declining volatility

The 60-day annualized volatility for Bitcoin slipped below 40%, making it the eighth such occurrence in the last five years.

Bitcoin’s trading ranges continued to narrow, indicating the rising level of market skepticism. Upon considering BTC’s price chart on a daily time frame, the king coin has oscillated within a range of $26,600-$27,400 over the last week.Source: Trading View BTC/USD

Moreover, Bitcoin’s trading volume also diminished considerably since March. Despite breaking through the $30,000 level in April, the monthly volume plunged to $492.2 billion, a whopping 55% drop from the $1.1 trillion seen during the month of May, as per data from Token Terminal.Another factor which could have contributed to the softening volatility was the marked decline in daily active addresses.

As per Santiment, the number of unique addresses involved in BTC transactions fell to 811.9k on 16 May. This marked a decline of nearly 28% from a month ago.Among other factors, the declining volatility indicated that large addresses might be engaging in a wait-and-watch strategy. This could be due to a lack of clear buy and sell signals from the market.

As per Glassnode, more than 48,560 BTC coins were taken off exchanges on 15 May, worth a whopping $1.3 billion.

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