Bitcoin's declines frequently overshadowed its increases in previous cycles. Bullish moves are now typically more protracted and sharp. Deeper liquidity in derivatives markets and increased institutional engagement are reflected in this shift.
According to data from the options market, one-month implied volatility for upward movements is higher than that of downward movements. This implies that traders anticipate bigger upward moves. Even with declining exchange balances, everyday trading volume is still high.
According to CoinGecko data, the average daily value of Bitcoin worldwide in May 2025 was $45 billion, a 12% increase from January 2025. Functional liquidity is maintained by such volume even when coins move into long-term storage.