Bitwise Advisor: The current market structure is unfavorable for Bitcoin's rise, and Bitcoin OG whales are still continuously selling off.

On December 14th, Bitwise advisor Jeff Park posted, “The current market structure is fundamentally unfavorable for substantial price increases in Bitcoin. The reasons are that, on one hand, Bitcoin OG holders are still continuously selling, and on the other hand, demand from ETFs and DATs is simultaneously slowing down. Meanwhile, Jeff Park emphasized that for Bitcoin to break out of the current trend, it must return to significantly higher levels of implied volatility in a sustained manner, especially upward volatility. In November, I stated ‘Either volatility or death’ and shared the first abnormal breakout signals at that time. Finally, we saw volatility start to rise again, rekindling some hope. However, unfortunately, implied volatility has been suppressed again over the past two weeks. It once peaked at 63% in late November and has now fallen back to 44%.”