After a volatile last few weeks involving missile strikes between two geopolitical foes and excitement about the bitcoin halving, a sense of calm has returned to the market, with bulls and bears unwilling to lead the price action.

"After the halving, market volatility was somewhat muted," Jun-Young Heo, a trader at Presto, told CoinDesk. "Recent three-day realized volatility was well below the implied volatility of BTC options, and investors may still need to gauge macroeconomic variables."

Liquidation data from CoinGlass shows that in the last 12 hours, $52.46 million in positions have been liquidated. Ether and BTC positions are the largest, respectively, but there's also $6.86 million in HBAR liquidations – owing to the token's recent surge in volume crossing the $1 billion mark – as well as $1.83 million in PEPE liquidations.

Justin d'Anethan from Keyrock, a crypto market maker, said in a Telegram interview with CoinDesk that traders are indecisive and can't make up their minds on what position to take.

"It's an interesting – albeit not very dynamic – market to look at, both on the crypto and traditional side; traders seem unable to decidedly turn bullish or bearish, as evidenced by prices staying put," he told CoinDesk.

The CoinDesk 20 Index, a measure of the largest digital assets by market cap, is flat, trading at 2,343.

"There's a flurry of negative news weighing on markets," d'Anethan continued, pointing to the SEC's clear desire to delay the ETF application, President Joe Biden's comments about crypto mining, and continuing crypto investment product outflows.

"On the flip side, and on a maybe more bullish side, the pullback we saw last week, which was intently caused by some leveraged long liquidations, has probably cleared some froth and left us sitting at a respectable level with some committed capital," he said.

Coinglass data says that over the weekend of April 12-13, when Iran launched its missile attack on Israel, over $1.4 billion in long positions were liquidated.

"With the halving, crypto investors are not willing to part with their coins and are probably setting themselves up for higher prices long term."

CORRECTION (April 25, 2024, 04:35 UTC): Corrects name of the trader at Presto.

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Sam Reynolds

Sam Reynolds is a senior reporter based in Taipei. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX's collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.