Bitwise Advisor: Bitcoin OG whales continue to sell off, which may be detrimental to price increases

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 simultaneously slowing down. For Bitcoin to break out, it must return to significantly higher implied volatility levels in a sustained manner, especially upward volatility.

In November, I mentioned 'either volatility or death' and shared the abnormal breakout signals that had first appeared at that time, finally seeing volatility begin to rise again, rekindling some hope. However, unfortunately, implied volatility has once again been fully suppressed over the past two weeks. From a high of 63% in late November, it has now fallen back to 44%."