Bitwise Advisor: Current market structure is unfavorable for Bitcoin's rise; Bitcoin OG whales continue to sell off.

According to ME, on December 14th (UTC+8), Bitwise advisor Jeff Park wrote that "the current market structure is fundamentally unfavorable for a substantial price increase in Bitcoin. This is because, on the one hand, Bitcoin OG holders continue to sell, while on the other hand, demand from ETFs and DAT is slowing down simultaneously." At the same time, Jeff Park emphasized that for Bitcoin to break out of its current pattern, it must return to significantly higher implied volatility levels in a sustained manner, especially upward volatility. In November, I stated "volatility or death" and shared the first unusual breakout signal at that time, finally seeing volatility begin to rise, rekindling some hope. However, unfortunately, implied volatility has been completely suppressed again in the past two weeks. From a high of 63% in late November, it has now fallen back to 44%. (Source: ME)