As bitcoin trading ranges narrow, records continue to tumble. “As it turns out, [bitcoin] XBT futures and cryptos in general are moving with very little speed. The week ending Oct. 26th was the least volatile since futures were introduced nearly a year ago,” wrote Kevin Davitt, senior instructor for The Options Institute at Cboe Global Markets.
“Furthermore, the average weekly [volatility] for XBT futures in October was around 6.6%, which is way below the average of 15.65% since inception.”
Davitt said the continuing divergence between traditional assets and bitcoin is the bigger story for industry onlookers. “The waning cryptocurrency volatility is arguably even more interesting against the backdrop of escalating global equity volatility,” he added.
What are altcoins and futures doing?
Elsewhere, altcoins, or coins other than bitcoin, have begun Monday in mixed fashion. Ether ETHUSD, -0.30% was down 1.2% at $208.05, Bitcoin Cash BCHUSD, +3.62% was trading up 1.5% at $563.00, Litecoin LTCUSD, -1.07% had lost 1.4% at $53.27 and XRP, XRPUSD, -0.26% was down 0.5% at 46 cents.
Bitcoin futures were outperforming spot price Monday. The Cboe Global Markets November contract XBTX8, +0.98% was up 0.8% at $6,400, while the CME Group November contract BTCX8, +1.83% had gained 0.8% to $6,395.