Bitcoin prices have stalled near $29,000 after a mini rally in Thursday’s (Singapore time) early-morning hours. According to Stéphane W. Ouellette, the CEO of crypto advisory platform FRNT Financial, “Implied volatility rates on options platforms such as Deribit are at or near all-time lows.” However, he added that “This type of environment historically has not persisted for long. Our data analysis suggests that some of the most significant volatility spikes have emerged out of such environments and, historically, in albeit a relatively short history of BTC, resolves more often than not in a directional move to the upside.”
Meanwhile, ZkSync Era, a zero-knowledge (ZK) scaling solution for Ethereum, currently leads the layer 2 landscape in daily active addresses, continuing its year-to-date growth. According to blockchain analytics firm Artemis.xyz, ZkSync Era has grown more than 60% to roughly 305,000 daily active users from about 189,000 since the beginning of July, outpacing all other layer 2s. This growth is fueled by speculation about a potential airdrop from ZkSync Era.