BTC Yukarı Yönlü Volatilite Tüm Zamanların En Düşük Seviyesine Düşerken Bitcoin Boğaları Kayboluyor: Glassnode

Bitcoin Bulls Go Missing as BTC Upside Volatility Sinks to All-Time Low: Glassnode

Giuseppe Ciccomascolo

Fri, August 7, 2026 at 12:24 PM GMT+3 3 min read

• BTC-USD -0.01%
• ^GSPC +0.62%

Key Takeaways

• Bitcoin remained flat as stocks and gold reached records.

• Upside implied volatility fell to an all-time low near 23%.

• Historical volatility squeezes usually break higher, but demand remains weak.

Bitcoin has been left behind by a global risk rally, with fresh Glassnode data showing an unusually compressed market where traders are paying little for either upside exposure or downside protection.

Major equity indices and gold reached record levels after markets reassessed the Federal Reserve's July 29 decision to hold interest rates steady.

Oil also moved sharply lower as de-escalation headlines reduced its supply-risk premium. Bitcoin, however, remained slightly below the level recorded one week earlier and trailed the S&P 500 by more than four percentage points.

Glassnode described the setup as a market "priced for nothing and reacting to everything," with volatility near historic lows even as short-term sentiment changes sharply on relatively small price moves.

Bitcoin Absorbs Major Onchain Stress

Bitcoin's lack of movement persisted despite a significant wallet security incident.

According to Glassnode, an attacker stole approximately 594 BTC, worth around $38 million, from roughly 500 self-custodied wallets in about 25 minutes. The incident prompted holders to move approximately 119,000 BTC that had remained dormant for at least one year, nearly 200 times the amount stolen.

However, only around one-tenth of that revived supply reportedly reached exchanges. New address creation returned to normal within three days, while the supply held in wallets younger than one month increased by approximately 40%.

The data indicates that most affected holders transferred funds into new storage arrangements rather than preparing to sell. Bitcoin's price showed little reaction, suggesting the movement created neither meaningful selling pressure nor a strong new bid.

Bottom Signals Emerge Without Capitulation

Glassnode said Bitcoin is entering territory associated with previous cycle bottoms, but without the sharp sell-off and volatility spike that usually accompany capitulation.

Its Seller Exhaustion Constant, which combines supply profitability with realized volatility, has fallen to its lowest point of the current cycle. However, the metric remains roughly one-third above the level reached at every previous bear-market floor.

Institutional demand also remains weak. US spot Bitcoin ETFs reportedly returned approximately 65,800 BTC in June, their worst monthly result on record. Corporate treasury purchases continued but were insufficient to offset ETF outflows.

The clearest warning comes from Bitcoin's options market. Upside implied volatility has fallen to an all-time low near 23%, while downside volatility remains relatively ordinary.

That means the bearish-looking options skew is not primarily being driven by aggressive demand for downside protection. Instead, traders have largely stopped paying for calls that benefit from a Bitcoin rally.

Historically, comparable compressions in one-month realized volatility have usually resolved upward. Glassnode cautioned, however, that previous breakouts were supported by stronger demand. This squeeze is forming while ETF flows remain negative and Bitcoin's bottoming process appears incomplete.

Top Picks for Bitcoin

The post Bitcoin Bulls Go Missing as BTC Upside Volatility Sinks to All-Time Low: Glassnode appeared first on ccn.com.