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đ Bitcoin volatility is currently at historically low levels, but the key driver isnât market cap â itâs who holds the coins.
Glassnodeâs latest analysis shows that Long-Term Holder (LTH) supply explains more of BTCâs realized volatility than market cap, open interest, or turnover. With a large portion of supply sitting with long-term holders, fewer coins are actively circulating in the market, helping suppress day-to-day price swings.

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