Bitcoin (BTC) is trading in a narrow range as its 30-day realized volatility stays near multi-year lows, while spot Bitcoin exchange-traded products (ETPs) see a return to net inflows, according to Fidelity Investments.
In a post on X on Wednesday, based on data through August 9, the firm said Bitcoin is “barely moving,” pointing to low volatility and renewed ETP inflows. Fidelity also said valuation measures remain constructive, while noting that these quiet periods do not usually last forever.
At the time of this writing (as of 21:55 IST), Bitcoin was trading around $63,420, down a modest 0.07%, from an intraday high above $64K. Trading volume was up about 5.5% to around $23.15 billion, according to CoinMarketCap data.
ETF inflows return, but demand remains mixed
Recent ETF flows show a mixed picture. According to data from SoSoValue, Spot Bitcoin ETFs recorded $4.89 million net inflows on Tuesday after $144.67 million in net outflows on Monday.
The Tuesday inflow was therefore considerably smaller than the previous day’s outflow.
BlackRock led Tuesday’s inflows with about $50.20 million. Other funds recorded outflows, including Franklin Templeton with around $16.46 million, Ark & 21Shares with $11.55 million, and VanEck with $10.30 million.
Low trading activity keeps Bitcoin in a narrow range
Bitcoin has also remained in a slow-moving market. K33 Research said the cryptocurrency has been trading with low activity and soft trading volumes, reducing selling pressure while long-term holders have continued to absorb Bitcoin.
K33 said Bitcoin’s supply has moved between long-term holders, short-term holders and new long-term holders. The research firm described the current market as a “rigorously bland trading range” and said Bitcoin remains close to a 50% drawdown from its all-time high. The firm added that it continues to see the current area as appealing for Bitcoin allocation.
“BTC’s market structure remains unchanged, and if anything, more passive. Perp volumes sit at 3-year lows, spot volumes at 2.5-year lows, and volatility near 3-year lows, underscoring persistent reluctance to take on directional risk,“ the research added.
Bitcoin remains between key levels
Bitcoin’s price chart also shows that the market remains weak in the short term. According to data from TradingView, BTC is trading below its 50-day, 100-day, and 200-day exponential moving averages (EMAs), which are around $64,512, $66,669, and $72,009, respectively.
On the daily chart, Bitcoin has struggled to break above the $66,000 area, with recent attempts facing selling pressure. The price remains in a consolidation range, with resistance near $66,000 and support around $59,000–$60,000.
Bitcoin would need to break out of this range to establish a clearer short-term direction. The Relative Strength Index (RSI) is around 46, while its moving average is near 50, indicating relatively balanced momentum between buyers and sellers.
Also Read: Bitcoin Price Navigates Key Support While BVIV Hits Multi-Month Low
