Bitcoin's daily spot trading volume has dropped below $8 billion, marking its lowest point since October 2023, according to BlockBeats. This decline from a peak of over $25 billion in February suggests reduced market depth, potentially increasing price sensitivity to large trades. Glassnode highlights that low liquidity can lead to significant price swings, although the options market remains optimistic about low volatility, with the Volmex BVIV index falling below 42% annualized. Marex analysts note that the market is currently "calm on the surface but cautious beneath," as it awaits the Federal Reserve's interest rate decision. They suggest that macroeconomic factors, rather than internal crypto developments, are likely to drive the next market movements. Rising international oil prices, influenced by geopolitical tensions and the UAE's OPEC+ withdrawal, could impact risk assets, including cryptocurrencies, by affecting U.S. Treasury yields and financial conditions.