Bitwise Advisor: Bitcoin is still a 'trader's market', volatility is the key to its rise According to Golden Finance, Bitwise advisor Jeff Park posted on social media, "My latest view on Bitcoin is that it is still a trader's market. As I have previously stated, 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 volumes (lower than any month in 2025, especially in January), which worries me, especially considering the overall trend of the precious metal market. You can hardly imagine a more disappointing situation than this. People often mistakenly believe that 'synthetic/paper' Bitcoin is the culprit behind price suppression. I have always believed that the opposite is true. The historic surge in silver was not due to the active spot market, but rather to the operations behind the 'paper silver' that pushed up the price. Under the influence of leverage tools, margin rules, liquidity and maturity mismatches, the speed of paper supply far exceeds that of physical supply, resulting in extreme price fluctuations. Supporting Bitcoin is equivalent to supporting its volatility. Anyone who holds the opposite view does not understand the fundamentals of the commodity market. Perhaps not today, nor tomorrow, but Bitcoin will ultimately overturn many people's perceptions