Bitcoin Market Braces For Volatility Surge Amid Record ETF Outflows And Wallet Shifts

The Bitcoin options market is witnessing record volatility levels, reaching the highest point since April, according to Glassnode.

This spike suggests that traders are bracing for potential major price swings, reflecting an atmosphere of intense anticipation and uncertainty as Bitcoin navigates turbulent market conditions.

BTC options market volatility has hit record highs, the fiercest since April, according to Glassnode.

This spike signals intense anticipation and uncertainty, with traders gearing up for potential major price swings.

Keep your eyes peeled as Bitcoin navigates this stormy market… pic.twitter.com/zKO9F73Tsp

— Kyledoops (@kyledoops) November 4, 2024

Adding to the market’s uncertainty, Bitcoin is seeing a substantial reduction in active wallets. Over the past three weeks, there’s been a drop of 211,500 non-empty Bitcoin addresses—a sign of Fear, Uncertainty, and Doubt (FUD) often preceding bullish price rebounds. Meanwhile, Santiment reports an 11,600 drop in USDC wallets over a single day this past weekend, indicating fluctuating stablecoin activity.

Interestingly, Dogecoin wallets are on the rise, with an increase of 46,400 in just a week, suggesting speculative interest in memecoins, even after last week’s peak.