BTC Weekly Volatility Hits Two-Year Low Ahead of $64,000 Options Expiry

BTC weekly volatility has hit its lowest level in two years, and market sentiment is subdued ahead of the July monthly close. The BTC options market is concentrated around the $64,000 level, with 149,000 BTC options expiring today, which could pin the short-term price near this level. Despite a sharp rebound in US tech stocks, the crypto market has not rallied in tandem, and capital inflows remain weak.

US stock index futures have extended their rebound, with Nasdaq 100 futures up 1.13%, Dow futures up 0.54%, and S&P 500 futures up 0.45%. Amazon jumped over 12% pre-market after reporting Q2 earnings, while Apple plunged roughly 8% pre-market due to lower-than-expected revenue guidance.

The AI narrative has contributed to the rebound in chip, storage, optical communications, and new cloud services, with Microsoft carrying half the load. However, market internals are not healthy, with gains concentrated in mega-cap tech and the AI supply chain.