Opinion: Bitcoin volatility and falling positions squaring contracts suggest traders are taking a wait-and-see approach

Bitcoin traders are taking a wait-and-see approach as demand weakens, blockchain activity is lacking and liquidity inflows slow, reflected not only in lower volatility but also in a sharp drop in their holdings.
"The market is in a cooling phase right now," said David Gogel, vice-president of strategy and operations at the dYdX Foundation. "Bitcoin has held up, but after failing to break through $105,000 in January, we've seen inflows slow and speculative assets like Meme take a hit."