Bitwise Advisor: Bitcoin OG whales are continuing to sell off, which may hinder price increases.

According to an Odaily by Jeff Park, an advisor at Bitwise, the current market structure is fundamentally unfavorable for a substantial price increase in Bitcoin. This is because, on the one hand, Bitcoin OG holders continue to sell, while on the other hand, demand from ETFs and DAT is slowing down. For Bitcoin to break out of its current pattern, it must return to significantly higher implied volatility levels, especially upward volatility, in a sustained manner. In November, he stated, "Volatility or death," and shared the first unusual breakout signal at the time, finally seeing volatility begin to rise, rekindling some hope. However, unfortunately, implied volatility has been completely suppressed again in the past two weeks. From a high of 63% in late November, it has now fallen to 44%.