비트코인이 오르지 않는 이유는 무엇입니까? Jeff Park가 무엇이 빠졌는지 설명합니다.

Bitcoin’s recent price action has started to wear on people. After a strong start to the year and a run that pushed above $100,000 and briefly touched $125,000, the market has drifted into something closer to a low-volatility grind. On the 1000x podcast, ProCap’s Jeff Park argued that this shift in “market structure” is not a minor detail. In his view, it is the central reason Bitcoin has struggled to reassert momentum, even as gold and other commodities have pushed to fresh highs. Bitcoin Needs Volatility Park’s thesis is straightforward: Bitcoin’s upside story historically leans on volatility. If volatility compresses and stays compressed, Bitcoin loses one of the features that has consistently attracted marginal risk capital, especially the kind of capital that shows up early, pushes price, and then pulls in the next cohort behind it. “There’s two things we need to hit on,” Park said. “One is the belief in the projection that I have for Bitcoin to reach meaningfully new highs that w