Bitcoin's annualized 30-day price volatility is now 15.5%, an all-time low according to data from The Block.

For comparison, average annualized 30-day volatility for the digital asset in 2022 was 61.4%. So far in 2023, the metric has averaged 43.8%.

The low fluctuation in price is consistent with slumping trading volume, with the major exchanges seeing only $1.88 billion worth of bitcoin moved on Sunday. The drop implies traders are less active in the market, signaling disinterest.

"The 30-day realized volatility has fallen below the 22v level, as market activity remains muted," the Genesis trading desk said in a Monday note.

Bitcoin's price has been stagnant 

With activity stagnant, the digital asset has traded mostly flat above the $29,000 mark for over a month now. The world's largest digital asset was changing hands for $29,488 at 2:15 p.m. ET, up 0.5% over the past 24 hours, according to CoinGecko.

However, there are some signs that things could be turning a corner. Bitcoin investment products saw inflows last week totaling $29 million after U.S. inflation data came in slightly below expectations.

According to a CoinShares report, fund flows rebounded from $144 million in outflows over the previous three weeks.

"Data suggests sentiment for bitcoin and the broader crypto market remains supportive despite the seasonally low volumes," CoinShares said.

"A decision by the Federal Reserve to keep rates steady could cause an uptick in bitcoin prices, while a rate hike might lead to downward pressure," Michael Dunn, president of the Bitnomial exchange, told The Block, commenting specifically about bitcoin's sensitivity to the strength of the dollar.

He also pointed to the recent price movement in MicroStrategy’s stock, "suggesting that institutions are increasing their bitcoin exposure, though not directly.”