Bitcoin Volatility Surges to 70% Amid Market Uncertainty

Bitcoin's quarterly realized volatility has dropped to 70%, nearing levels not seen since September 2023, indicating a consolidation phase that could precede a major move. Despite stable prices, on-chain activity is declining, and valuation signals suggest potential overvaluation and weakening scarcity narratives. Miner profitability remains manageable, but the overall picture is mixed, with historical patterns hinting at a possible upcoming breakout if fundamentals realign.