(Bloomberg) -- The words Bitcoin and boring have rarely been uttered in the same breath.
But after a dizzying rally, a gut-wrenching crash and near-constant ups and downs over the past two years, the cryptocurrency did something strange in recent weeks: it stayed relatively still.
Bitcoin has traded in a $732 range since Sept. 7, swinging no more than 12 percent from peak to trough, according to Bitstamp prices compiled by Bloomberg. That's the narrowest trading band for any rolling 28-day period since December 2016, and well short of the 200 percent range during the height of crypto-mania in late 2017.
Bulls see the calm as evidence of a maturing market. But for Stephen Innes, head of Asia Pacific trading at Oanda Corp., it suggests investors may be losing interest in cryptocurrencies after a more than $600 billion selloff since the start of 2018. While the slump has been interspersed with several market rallies, they've gotten smaller and smaller as the year has progressed.
“It's not that exciting anymore,” Innes said.
Read more: How Bitcoin's pricing power has changed over the past decade
At least some of the speculative cash that was in cryptocurrencies has probably moved into other trendy bets like marijuana stocks, Innes said. A handful of smaller cryptocurrencies, such as XRP, have also seen an uptick in volatility for coin-specific reasons.
But for now at least, Bitcoin shows few signs of breaking out of its malaise. It was little changed on Friday, hovering around the $6,530 level as of 6:54 a.m. in New York.
“It's been pretty flat for so long now,” Innes said. “That doesn't really entice investors.”
--With assistance from Pei Yi Mak.
To contact the reporter on this story: Eric Lam in Hong Kong at elam87@bloomberg.net
To contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Michael Patterson, Cormac Mullen
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