Bitwise Advisor: Bitcoin OG whales are continuing to sell off, which may hinder price increases.

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 demand from ETFs and DAT is simultaneously slowing. For Bitcoin to break out of its current pattern, it must return to significantly higher implied volatility levels, especially upward volatility, in a sustained manner. Back in November, he stated "volatility or death," and shared the first unusual breakout signal at the time, finally seeing volatility begin to recover and rekindling some hope. However, unfortunately, implied volatility has been completely suppressed again over the past two weeks. From a high of 63% in late November, it has now fallen to 44%.