Jeff Park: OG's continued selling pressure and option structure suppression are the main obstacles to Bitcoin's rise.

Jeff Park, Head of Strategy at Bitwise Alpha, stated that Bitcoin's recent struggle to rise is primarily due to OG holders continuously selling options, suppressing both price and implied volatility. While ETFs are buying spot and demanding call options, their efforts are insufficient to offset the selling pressure from the primary market. As a result, the market remains in a long-term "high supply, low volatility" structure, with Bitcoin resembling a volatile trading asset, unless the selling pressure from primary options decreases or the bullish demand for ETF options significantly increases.