December 14, Bitwise advisor Jeff Park stated in a post that "the current market structure fundamentally does not favor a substantial price increase in Bitcoin. The reason is that, on the one hand, Bitcoin OG holders are still continuously selling, while on the other hand, demand from ETFs and institutional investors is slowing down."At the same time, Jeff Park emphasized that for Bitcoin to break out, it must return to significantly higher levels of implied volatility in a sustainable manner, especially upward volatility. In November, I stated, "It's either volatility or death," and shared the signal of the first anomalous breakout at that time. Finally, seeing volatility starting to rise again reignited some hope. However, disappointingly, implied volatility has once again been fully suppressed over the past two weeks. From a peak of 63% in late November, it has now fallen back to 44%."