Bitcoin’s 30-day volatility has fallen to a two-year low, according to data disclosed by Lucas Outumuro, director of research at crypto analytics firm IntoTheBlock.
Additionally, the top two crypto-assets, Bitcoin and Ethereum, continued to see exchange outflows this week compared to previous weeks, and exchange withdrawals may indicate investors are storing their cryptocurrencies in centralized Outside of exchanges, the indicator also shows that market participants are buying Bitcoin and Ethereum for the long term.
Lucas Outumuro also noted that Bitcoin network fees, which track spending willingness and the need to use crypto assets, have rebounded 55% this week from their yearly lows posted last week, while Ethereum’s network fees are relatively high by bear market standards.