Bitcoin Volatility Hits Multi-Month Low, but Traders Still Hedge Against BTC Price Drop

Bitcoin volatility hit a multi-month low with the BVIV index dropping to 35.59%, its lowest since September. BTC has traded between roughly $62,000 and $66,000 since early July. Despite the low volatility, options market data shows traders are still hedging against potential BTC price drops. BTC remains in a narrow trading range.