A 31% drop in month-over-month trading volume in June drove bitcoin’s annualized volatility to a six-month low, according to a recent report by the cryptocurrency exchange Kraken. 

• According to the report, June was the most uneventful month for bitcoin (BTC) trading since February as a lack of market activity brought down trading volume to a four-month low of $36.6 billion.  
  
• In light of the subdued market and low volatility, bitcoin saw a price drop of 4.4%, the lowest monthly change since August last year. 
  
• The report also found that in a reversal of trends from earlier this year, bitcoin’s 30-day correlation with the S&P 500 turned “substantially more positive” and climbed to 0.65 in late-June. 
  
• In the same month, bitcoin’s 30-day correlation with gold slipped below the 1-year average and hit a low of -0.49. 
  
• According to the report, bitcoin’s reversal in correlations with gold and S&P 500 made it behave less like a safe-haven asset and more like a traditional financial asset amid a global stock market recovery during June. 
  
• The report says market participants for bitcoin should now pay closer attention to the 30-day forward looking volatility index for the S&P 500 (VIX), and that if BTC is going to break the multi-year macro down-trend, it would need to climb above $10,500 and trigger an upward trend.