Bitwise advisor "Without a recovery in volatility, meaningful Bitcoin gains are difficult"

Bitcoin (BTC) price action has fallen short of expectations, and it was pointed out that without a recovery in volatility, a full-scale rally is difficult to expect.

On the 23rd (local time), Jeff Park, an advisor at Bitwise, said on X, "As 2025 draws to a close, Bitcoin's price action has disappointed many," and "If volatility does not widen, Bitcoin will find it difficult to experience a truly meaningful surge."

In the current low-volatility environment, prices are likely to remain within a limited range, and market structure itself is acting as a more important variable than short-term ups and downs.

Meanwhile, the Bitcoin market has shown relatively stable flows as leverage reduction and a slowdown in spot demand have appeared simultaneously. In the options and derivatives markets, long-term volatility expectations have also declined, and analysis says a wait-and-see sentiment outweighs directional conviction.