The drama factor on Twitter X has ratcheted up as volumes in the market have been winding down. Clearly, we can't rely on any sort of overall volume metrics that are publicly available, but if we want to show one graph that highlights just how little action there is right now I would point to the CVI, Crypto Volatility Index, with whom I've recently had the pleasure of working.

(Click on image to enlarge)

As we can see, crypto volatility has been languishing at historically low levels. And that's the good news.

Not even talking about the death cross that was confirmed on the chart as of September 11th. It's just that the activity on the bitcoin blockchain itself has plummeted. Even though hashrate continues to truck into all time high territories, the number of transactions on the blockchain have plummeted.

Steady Countdown

Literally whatever though. As I wrote nearly a month ago and is still very true today, bitcoin is trading in a wide range between $25,000 and $31,000. It doesn't seem likely to break this range any time soon.

Obviously, as the meme goes, this is good for bitcoin. Volatility is a drug and when the market has too much it tends to be an obstacle. Stable prices are great for every day bitcoin users and have often been a precursor to massive bull runs.

For myself, I've had the clock up on a dedicated monitor for the last few weeks. This Sunday we celebrate 200 days left to the next bitcoin halving.

Outside of Blockchain

The Federal Reserve continues to suppress financial markets and the global economy at large by pursuing an aggressive policy. Interest rates are now at their highest levels since the start of the century and threatening to go higher.

Why would anybody want to take risk on an investment when good old Uncle Sam is handing out 5% in what many money managers consider "risk free."

Related or unrelated, you can decide. The world's richest person is calling the above system a scam.

More By This Author:

Bitcoin Summer
Stocks Plunge As Virus Fears Grow
So Long & Thanks For All The Fish