Bitcoin’s Market Turbulence Index Continues Up

Bitcoin Consolidates as Volatility Reaches Multi-Year Lows Ahead of CPI
11 September 2025

Bitcoin’s implied volatility remains near multi-year lows, with the cryptocurrency showing signs of continued sideways trading ahead of key U.S. economic data.

Analyst Checkmate points to the “choppiness index,” a metric tracking rangebound price behavior, noting that volatility compression has intensified. Previous CoinDesk research has similarly highlighted that bitcoin’s low implied volatility aligns with its ongoing consolidation.

Over the past few months, bitcoin has largely traded between $110,000 and its all-time high of $124,000, currently hovering around $113,000. On a one-month timeframe, CheckOnChain reports the choppiness index at 54. Historically, readings above this level have preceded significant price movements. The last spike occurred in early November 2024, just before President Trump’s election victory pushed bitcoin above $90,000, with the index peaking at 64. Another earlier instance was in early 2023, at the start of the current bull cycle, when the index stood at 57.

These patterns suggest there may be further consolidation ahead as volatility remains subdued.

Market participants will closely watch the U.S. Consumer Price Index (CPI) release at 12:30 PM UTC, which could trigger a breakout in volatility or a directional move. CoinDesk research from February also noted that similar periods of low volatility preceded a price drop that bottomed around $76,000 in April.