the glassnode report pointed out that Bitcoin implied volatility has fallen back to a low expected range, indicating that the market's expectation for significant fluctuations in the next quarter is relatively mild and will return to a low volatility state. This situation reflects limited short-term hedging demand and usually suggests that once market volatility reappears, prices will readjust more quickly as positions adjust according to new information. In addition, the profit-taking volume of long-term Bitcoin holders has cooled to levels typically observed during shallow bear phases. This situation is usually associated with high uncertainty and often occurs during mid-bull market stagnation periods or the early stages of a deeper bear market.