ChainCatcher message, Bitwise advisor Jeff Park stated, "The current market structure is fundamentally not conducive to a substantial price increase for Bitcoin. The reason is that, on one hand, Bitcoin OG holders are still continuously selling, while on the other hand, demand from ETFs and DAT is also slowing down. For Bitcoin to break out, it must continuously return to significantly higher implied volatility levels, especially upward volatility. In November, I mentioned 'either volatility or death,' and shared the unusual breakout signals that first appeared at that time, finally seeing volatility start to recover, reigniting some hope. However, unfortunately, implied volatility has been fully suppressed again over the past two weeks. From a high of 63% in late November, it has now fallen back to 44%."

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