Bitwise advisor Jeff Park stated that the current market structure is fundamentally unfavorable for a substantial price increase in Bitcoin. The reason is that, on one hand, Bitcoin OG holders are still continuously selling, while on the other hand, demand from ETFs and DATs is simultaneously slowing down.

At the same time, Jeff Park emphasized that for Bitcoin to break out, it must return to a significantly higher implied volatility level in a sustained manner, especially upward volatility. In November, I stated "either volatility or death" and shared the first abnormal breakout signal at that time, finally seeing volatility begin to rise, rekindling some hope. However, unfortunately, implied volatility has been comprehensively suppressed again over the past two weeks. From a peak of 63% in late November, it has now fallen back to 44%.