The BVIV, which was near 60% in early June, indicates a pervading calm in the market despite factors like a multi-million dollar Coldcard hack, anemic institutional demand, and regulatory uncertainty. US-listed spot bitcoin ETFs recorded $61.53 million in outflows last week, ending a three-week inflow streak. Additionally, USDT's market capitalization has fallen to $183 billion from nearly $190 billion in April, its lowest since October, while USDC's market value also declined to $72 billion from $79.5 billion in March. Analysts note that approximately 155,000 BTC moved into the $62,000-$65,000 cost-basis range, suggesting selling was absorbed by buyers near current prices, potentially keeping BTC range-bound.