Bitcoin has gone dead quiet, and that kind of deep boredom often comes right before a violent price swing.

• Trading activity and price swings have dried up to their lowest in years, a stillness not seen since the 2018 bottom.
• Traders are paying more to bet against altcoins than to bet on them, showing fear and caution.
• Gold just hit a fresh record high while Bitcoin keeps bleeding, a rare split between the two.
• That gold rally looks like it could be a trap that sucks in buyers before reversing.
• Fresh inflation data (PPI) lands tomorrow and could be the spark that breaks the quiet.

Outlook: The unusual calm and deep apathy suggest a sharp move is coming soon, with tomorrow's inflation report a likely trigger.