Bitwise Advisor: Current Market Structure Not Favorable for Bitcoin Rally, Bitcoin OG Whale Still Continues to Sell

On December 14, Bitwise advisor Jeff Park noted in a post that "the current market structure is fundamentally not supportive of a significant Bitcoin price rally." He cited two key drivers: Bitcoin OG holders are still steadily selling, while demand from ETFs and DATs is slowing. Park also stressed that for Bitcoin to stage a breakout, it must sustainably return to meaningfully higher implied volatility levels—especially upward volatility. Back in November, he referenced the phrase "volatility or death," noting the first emergence of an unusual breakout signal at that time, which eventually sparked a rebound in volatility and reignited some optimism. Unfortunately, implied volatility has since been broadly suppressed again over the past two weeks, dropping from a late-November peak of 63% to 44% now.