[Analysis] "Bitcoin volatility widens again… Signal of a return to a price structure centered on the options market"

Bitcoin (BTC)'s price volatility has widened again over the past two months, prompting analysis that price moves led by the options market may resurface.

On the 24th (local time), Cointelegraph reported that Jeff Park, a Bitwise analyst, said, "After the approval of the U.S. bitcoin exchange-traded fund (ETF), Bitcoin's implied volatility did not exceed 80%, but recently rose back to around the 60% level," mentioning the possibility of a change in the volatility structure.

According to Park, Bitcoin's implied volatility has increased markedly compared to earlier this year, which suggests the growing influence of options positioning. He cited the option-led rally in early 2021 as an example, saying, "Decisive rises in Bitcoin have always been driven by options positions." At that time, Bitcoin rose, amid expanding options-based demand, starting with a surge in January and reaching 69,000 dollars, the cycle peak in November.

Park said, "For the first time in almost two years, early signs are appearing that the volatility curve is again shifting to an options-centered structure," and "if options positions begin to accumulate, Bitcoin could move toward new highs." This means that the options leverage structure could determine future price direction more than simple spot inflows.