Bitcoin’s Wait-and-See Mode Puts Volatility at Lowest Since 2020

The typically hyper-volatile Bitcoin hasn’t been so choppy of late at all.

The largest digital asset hasn’t posted a daily move of 6% for 70 sessions, the longest streak of calm since October 2020, data compiled by Bloomberg show. And the coin is on pace for a slight loss in May after gaining each of the first four months of the year.

It’s an uncommon stretch of torpor for Bitcoin, which is known for typically posting large up or down moves, which it then sometimes reverses just a day later. Market-watchers attribute the muted moves to a confluence of events, ...