Bitwise Consultant: The Current Market Structure is Unfavorable for Bitcoin's Rise, Bitcoin OG Whales Continue to Sell

Bitwise consultant Jeff Park stated that the current market structure is fundamentally unfavorable for a substantial price increase of Bitcoin. The reason is that, on one hand, Bitcoin OG holders are still continuously selling, and on the other hand, demand from ETFs and DAT has also slowed down.

Meanwhile, Jeff Park emphasized that for Bitcoin to break out, it must return to significantly higher levels of implied volatility in a sustained manner, especially upward volatility. In November, I mentioned that 'it's either volatility or death,' and shared an abnormal breakout signal that appeared for the first time at that time. We finally saw volatility start to rise again, rekindling some hope. However, unfortunately, implied volatility has once again been comprehensively suppressed over the past two weeks. From a high of 63% in late November, it has now fallen back to 44%.