According to The Block, data shows that Bitcoin's volatility had previously been low, but has now rebounded again, reaching its highest level since mid-May. Bitcoin's annualized volatility has been surging, reaching 51.8% on June 21, higher than the recent low of about 31% on June 6.
Still, this volatility has not necessarily translated into higher volumes on spot crypto exchanges. While exchange cryptocurrency trading volume (7-day moving average) has risen, it is still about a quarter of the level it was three months ago, according to data from The Block Research.
One industry source said this could indicate that most of the buying is happening off-exchange, describing the recent action as institutions entering the market via OTC trades.
