Roundup: Bitcoin‘s Volatility & ECB Update
Dylan LeClair | Guest Contributor
Aug 24, 2023
Hi all,
This is Dylan LeClair, presenting this week’s Onramp Weekly Roundup.
Before we get started… If you’re a HNWI or Institution looking for the best way to get exposure to bitcoin, Onramp Bitcoin could be the right fit for you – schedule a chat with us to discuss your situation & needs.
And now, here’s the weekly roundup…
Bitcoin Volatility Returns: A Derivative Phenomenon
Last Thursday evening marked a notorious return of Bitcoin’s volatility, ending months of consolidation around the $30,000 level. This price awakening wasn’t triggered by any specific news-based event, such as rumors of SpaceX selling Bitcoin or the approval/dismissal of a spot Bitcoin ETF. Instead, the crash was a result of old-fashioned derivative liquidation, a clear instance of more sellers than buyers leading to the downside.
In our 8/3/23 Roundup we highlighted bitcoin’s realized volatility falling below that of equities and gold, while in our 8/10/23 release, we highlighted how derivative trading volumes relative to spot market volumes had fallen to all time lows.
With last week’s move, we caught a glimpse as to the significance of both of the data points.




