Новый этап для биткоина: снижение волатильности и рекордные притоки приводят к росту цены Translation: A New Phase for Bitcoin: Decreased Volatility and Record Inflows Drive Price Increase

On December 3, the price of the leading cryptocurrency rose to approximately $93,800, regaining losses from a previous decline. Analysts from Glassnode and Fanara Digital attributed this positive trend to an unprecedented influx of capital and a decrease in volatility.

As of the time of writing, Bitcoin’s exchange rate stands at $92,200 (+4.5% over the past 24 hours).

Since its lows in 2022, the digital gold has attracted over $732 billion in net capital. Experts noted that the current phase (2022-2025) has seen a higher volume of inflows than any previous period.

The realized market capitalization of the asset has reached $1.1 trillion. The highest price during this time frame was $126,000 (on October 6), followed by a 36% correction. However, on-chain analysis suggests there are no signs of a prolonged bear market.

Long-term volatility for Bitcoin has decreased nearly by half — from 84.4% at the peak in 2021 to the current 43%. Analysts attribute this calmness to the influx of institutional investors and the launch of regulated instruments.

Since the approval in January 2024, spot Bitcoin ETFs have accumulated 1.36 million BTC. The value of the assets managed by these funds is $168 billion — roughly 6.9% of the market supply of coins.

According to the report, bear markets typically start with increased volatility and decreased liquidity. Currently, the situation is reversed: a structural decline in price fluctuations indicates that the asset is shifting into the institutional category.

For Bitcoin to continue its rally, it must stabilize above the $93,000 mark. According to Glassnode, high volumes for liquidations of short positions are concentrated in this zone, which could provide an upward momentum.

Timothy Misir, the head of research at BRN, explained that the surge is driven by forced purchases as shorts are closed above $93,000. Order books on exchanges showed a concentration of liquidation levels specifically in this area.

«Liquidation clusters are active. The forced closing of positions strengthens movement and increases short-term volatility,» noted the expert.

A trader under the alias DaanCrypto also emphasized the importance of maintaining the price above $93,000.

In his view, turning resistance into support would pave the way to the $97,000-$98,000 range.

Recall that in December, an analyst using the alias CoinCare pointed out signals for the continuation of the bull market, while QCP Capital stated that the sector is in a «pause mode.»