Stats › Crypto › Crypto volatility clock
Bitcoin volatility follows a clock, and nobody has shown that returns do
| UTC hour | What the data shows |
|---|---|
| 00:00 | Volume and volatility spike. A Binance perpetual funding time. |
| 05:00 | Lowest volatility of the day in both Bitcoin and ether. |
| 08:00 | A less pronounced volume and volatility spike. A Binance funding time. |
| 10:00 | Coinbase relative illiquidity peaks, at roughly 80% to 150% of average. |
| 16:00 | Highest volatility of the day, and the largest of the three spikes. A Binance funding time. |
| East Asian night | Binance relative illiquidity runs about 30% above average in both assets. |
Hour of day patterns in Bitcoin and ether, Binance and Coinbase Pro, January 2019 to May 2021 for the hour-of-day results. The paper uses absolute returns as a volatility measure and does not report mean returns by hour at all.
Bitcoin and ether volatility runs high around 16:00 UTC and lowest near 05:00 UTC, with volume and volatility spiking at the three Binance perpetual funding times. The source paper never tests whether returns differ by hour, which makes this an execution statistic.
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