On December 14th, Bitwise advisor Jeff Park wrote that "the current market structure is fundamentally unfavorable for a substantial price increase in Bitcoin. This is because, on the one hand, Bitcoin OG holders are continuing to sell, while on the other hand, demand from ETFs and DAT is slowing down."
Meanwhile, Jeff Park emphasized that for Bitcoin to break out of its current trend, it must return to significantly higher implied volatility levels in a sustained manner, especially upward volatility. Back in November, I stated, "Volatility or death," and shared the first unusual breakout signal at the time. Finally, we saw volatility begin to rise, rekindling some hope. However, unfortunately, implied volatility has been completely suppressed again over the past two weeks. From a high of 63% in late November, it has now fallen to 44%.
