BlockBeats News, April 29 — The current daily spot trading volume of Bitcoin has fallen to less than $8 billion, the lowest level since October 2023, far below this year’s February peak of over $25 billion. On-chain data platform Glassnode says that low trading volume usually signals a decline in market depth, making prices more sensitive to large capital flows.

Analysts point out that when the depth of buy and sell orders shrinks, even a small number of large orders can trigger sharp price volatility, meaning the current low-liquidity environment may actually increase BTC volatility. However, the options market is still pricing in a “low-volatility” scenario. Volmex’s BVIV index (which measures the expected volatility of BTC over the next 30 days) has fallen to below an annualized 42%, the lowest level in nearly three months.

CoinDesk, citing Marex analysts, says the current market is in a “superficially calm but genuinely cautious” state ahead of the Federal Reserve’s interest rate decision. Liquidity is thin, and the next round of market-driving factors is more likely to come from macro-level developments rather than internal factors within the crypto industry.

The report also notes that the energy market is becoming an important variable affecting risk assets. After the UAE announced its withdrawal from OPEC+, together with Trump’s renewed tough remarks on Iran, international oil prices have continued to rise, with Brent crude breaking above $114 per barrel. The market worries that if oil prices keep climbing, the yield on the U.S. 10-year Treasury could rise in tandem, further tightening financial conditions and weighing on risk assets including the crypto market. #WCTC交易王PK