#BTC #BTCMONTHLY

Bitcoin’s price movements remain muted

BTC’s at-the-money implied volatility continues to decline, even as its spot price pulled back from above $118K to $112K last week. This aligns with realized volatility, which has flattened around 30%, indicating the move wasn’t particularly sharp. Options positioning remains largely unchanged, with put volumes and open interest still dominant, offering little new insight into sentiment.

On the macro front, uncertainty persists: President Trump extended reciprocal tariffs post his August 1 deadline, including 15% levies on trade-surplus nations, while unexpected labor market weakness and revised jobs data have cast doubt on the pace and scale of potential Fed rate cuts.