On January 13, Glassnode reported that Bitcoin's implied volatility has fallen back to the low-expectation range, indicating that the market's expectations for significant volatility in the next quarter are relatively mild and will return to a low-volatility state.
This situation reflects limited demand for short-term hedging and typically indicates that once market volatility re-emerges, prices will readjust more quickly as positions are adjusted based on new information.
Furthermore, profit-taking by long-term Bitcoin holders has cooled to levels typically observed in the early stages of a bear market. This situation is usually associated with high uncertainty and tends to occur during stagnation in the middle of a bull market or in the early stages of a deeper bear market.
