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Bitwise said in a report that Bitcoin’s rise in the third quarter this year signaled a structural shift in the market, according to Crypto Briefing.
Bitcoin rose about 40% to 43% in the third quarter, marking the second-strongest third quarter gain in its history and the strongest third-quarter rally in more than a decade, the report said. Bitwise said the key point was not simply the price increase, but that the usual relationship between price and implied volatility had broken down. In past Bitcoin rallies, implied volatility, or the market’s expected range of price swings, tended to fall as prices rose. During this third-quarter rally, however, that pattern did not appear. Bitwise said this could be interpreted as a sign that the way the Bitcoin market functions is changing from previous cycles, amounting to a regime shift.