Glassnode: Bitcoin Volatility Falls to Summer 2023 Levels, Fed Decision May Spark Next Move

October 28 — Glassnode's latest report notes that Bitcoin has fallen back below the $84,000–$85,000 range, which has capped price gains four times this year. Inflows into U.S. spot Bitcoin ETFs have cooled markedly, with net inflows of only about $67 million over the past two weeks; the main buy-side support on Binance's spot order book has also shifted down to $78,000–$79,000, at a size of about $42 million.

Meanwhile, Bitcoin's one-month realized volatility has fallen to about 25%, back to summer 2023 levels; since August, the realized losses triggered by each decline have also continued to narrow, indicating that selling pressure has eased somewhat. Glassnode believes Bitcoin is currently in a range-bound state with weak demand and limited selling pressure, and the market is watching the Fed's October 28 interest-rate decision. A daily close back above $85,000 could be an initial signal of a further rebound; if it falls below the average cost basis of active investors at around $77,900, attention should turn to short-term holder cost support near $75,800.