Analysis: The crypto market is waiting for bullish catalysts as Bitcoin volatility drops to a four-month low

Data shows that the annualized 30-day implied volatility of Bitcoin has fallen below 40%, reaching its lowest level since October 5. The U.S. Senate Banking Committee's postponement of discussions on the market structure bill has become one of the main focuses of the crypto market this week. Some analysts warn that if the bill fails to pass, it could trigger a crypto winter, while the net inflow of U.S.-listed spot ETFs reached $1.81 billion this week, marking the largest single-week inflow since October.

Deribit executive Sidrah Fariq stated that the current market sentiment remains cautious but constructive, and a clear bullish catalyst may be needed to achieve the next phase of upward movement. The market is waiting for a clear catalyst and additional positive factors to realize a sustained breakout.