Bitwise Advisor: Bitcoin Still a 'Trader's Market,' Volatility Key to Upside

BlockBeats News, January 28th, Bitwise advisor Jeff Park posted on social media, stating, "My latest view on Bitcoin is that it is still a trader's market. As I have said before, Bitcoin is almost impossible to find upward momentum without experiencing significant higher volatility. The current implied volatility of Bitcoin is about 38, coupled with the dismal monthly trading volume (lower than any month in 2025, especially for January), this worries me, especially considering the overall trend of the precious metals market. You can't imagine a more disappointing situation than this."

People often mistakenly believe that "synthetic/paper" Bitcoin is the culprit of price suppression. I have always believed that the truth is quite the opposite. The historic surge in silver prices is not because of an active spot market but because of the manipulation behind "paper silver" driving the price. Leveraging tools, margin rules, liquidity, and mismatched maturities accelerate the speed of paper supply far beyond what physical supply can keep up with, leading to extreme price fluctuations.

Supporting Bitcoin is equivalent to supporting its volatility. Anyone holding the opposite view does not understand the fundamentals of the commodity market. Perhaps not today or tomorrow, but Bitcoin will eventually overturn the perceptions of many people."