Golden Finance reports that Bitwise advisor Jeff Park stated that 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 simultaneously slowing down. Meanwhile, Jeff Park emphasized that for Bitcoin to break out, it must sustainably return to significantly higher implied volatility levels, especially upward volatility. In November, I mentioned "either volatility or death," and shared an anomalous breakout signal that first appeared at that time, finally seeing volatility start to rise again, rekindling some hope. However, unfortunately, in the past two weeks, implied volatility has once again been fully suppressed. From a peak of 63% in late November, it has now dropped to 44%.