The calm before the storm? ⛈️

Bitcoin volatility is at historic lows, but analysts warned that the second half of the year could bring "fireworks."

📝 What you need to know

Bitcoin’s price volatility has sunk to historic lows even as its price sits just under an all-time high. But analysts have warned traders to “beware the quiet.”

Markets are currently pricing in a “Goldilocks scenario” with Trump’s tariffs delayed, along with rate cuts later in the year and sustained fiscal deficits, they wrote. Meanwhile, public corporate treasuries and Bitcoin ETFs are seeing steady inflows, with BlackRock’s IBIT now holding 700,000 BTC.

But “fireworks” could ensue in the back half of the year, depending on how tariffs and the debt ceiling play out. Should the U.S. President follow through on his proposed tariffs, “the impact would be materially anti-growth," the analysts said, marking a “true test for global risk resilience."

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