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

On January 28, Bitwise advisor Jeff Park posted on social media stating, “My latest view on Bitcoin is that it remains a trader’s market. As I mentioned before, Bitcoin is almost impossible to find upward momentum without experiencing significantly higher volatility. Currently, Bitcoin’s implied volatility is around 38, coupled with dismal monthly trading volume (below any month in 2025, especially worse for January), which concerns me, especially considering the overall trend in the precious metals market. You can hardly imagine a more disappointing situation. People often mistakenly believe that ‘synthetic/paper’ Bitcoin is the main culprit for price suppression. I have always believed the opposite — the historic surge in silver prices was not due to active spot markets, but rather the manipulation behind ‘paper silver’ driving up the price. Under the influence of leverage tools, margin rules, liquidity, and maturity mismatches, the speed of paper supply far exceeds the physical supply’s ability to keep up, leading to extreme price volatility. Supporting Bitcoin is equivalent to supporting its volatility. Anyone holding an opposing view simply doesn’t understand the fundamentals of commodity markets. Maybe not today, maybe not tomorrow, but ultimately Bitcoin will overturn many people’s perceptions.”