Bitcoin trading volume has fallen to a fraction of the levels seen around the U.S. president’s inauguration and last October’s flash-crash peak, while price action has tightened into one of the narrowest trading ranges in months, 10x Research said in its latest report. The firm said similar periods of subdued volatility have historically struggled to persist for long. It also said options flow is showing a shift in trader confidence and that positioning has already started to adjust. Bitcoin implied volatility, a measure derived from options prices, has dropped to levels rarely seen outside the summer seasonal lull, while ETF inflows remain weak and stablecoins continue to leave the crypto market. Strategy, described as one of the market’s most reliable buyers in the past, has also been a seller for four straight weeks, adding to signs of softer demand.