Bitcoin was roughly flat over the past 24 hours as buyers attempted to continue to reverse some of last weekend’s losses. Some short-term traders are buying on dips, while others remain cautious about what crypto prices will be over the next month.
“In spite of the shock sell-off, volatility markets remain relatively calm. The knee-jerk spike in BTC and ETH implied volatility faded very quickly and the volatility term structure reverted to an upward sloping one, indicating no heightened fear or panic in the near-term,” crypto trading firm QCP Capital wrote in a Telegram announcement.
Also, Three Arrows Capital, a Singapore-based hedge fund, purchased more than 90,000 ETH worth about $400 million over the weekend, according to wallet data shown on Etherscan. The move comes mere weeks after co-founder Su Zhu “abandoned” Ethereum because of its prohibitively high fees for new users, CoinDesk’s Lyllah Ledesma reported.