BlockBeats 消息，12 月 14 日，Bitwise 顾问 Jeff Park 发文表示，“当前市场结构从根本上并不利于比特币出现实质性的价格上涨。原因在于，一方面比特币 OG 持有者仍在持续抛售，另一方面来自 ETF 和 DAT 的需求却同时放缓。
与此同时，Jeff Park 强调，比特币要想走出行情，必须以持续性的方式回到显著更高的隐含波动率水平，尤其是向上的波动率。11 月时，我曾表示“要么波动，要么死亡”，并分享了当时首次出现的异常突破信号，终于看到波动率开始回升，重新燃起了一些希望。然而，遗憾的是，过去两周隐含波动率再次被全面压制。从 11 月下旬一度高达 63%，如今已回落至 44%。”
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