@mariyana
Bitcoin's market structure has strengthened materially, with spot volumes rising from $4B-$13B in the prior cycle to $8B-$22B/day today. Long-term volatility has continued to decline, with 1-Year Realized Volatility falling from 84.4% to 43.0%. Meanwhile, futures activity expanded to a record $67.9B in open interest, with CME accounting for roughly 30% of total Ol, a clear institutional footprint.
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