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BlockBeats News, December 14, Bitwise advisor Jeff Park posted that "the current market structure is fundamentally not conducive to a substantial price increase for bitcoin. The reason is that, on one hand, bitcoin OG holders are still continuously selling, while on the other hand, demand from ETF and DAT is simultaneously slowing down." Meanwhile, Jeff Park emphasized that for bitcoin to break out, it must return to a significantly higher level of implied volatility in a sustained manner, especially upward volatility. In November, I once said 'volatility or death,' and shared the first abnormal breakout signal at that time, finally seeing volatility start to rebound, which reignited some hope. Unfortunately, over the past two weeks, implied volatility has once again been comprehensively suppressed. From a high of 63% in late November, it has now fallen back to 44%."

BlockBeats News, December 14, ARK Invest founder Cathie Wood stated that during the 1011 flash crash, bitcoin was the most liquid among all crypto assets, and is usually the first to be sold off, dragging down other coins. Other cryptocurrencies experienced even larger declines. Now that the relevant information has been digested, the market may have bottomed out. Cathie Wood emphasized that bitcoin represents an entirely new global monetary system and asset class, making it the first choice and entry point for institutions entering the crypto space, and it should be prioritized in institutional asset allocation. Regarding ethereum and solana, Cathie Wood pointed out that the narrative is changing. Ethereum is the infrastructure of choice for institutions, with second-layer solutions being built on top of ethereum. However, with the rapid increase in the number of L2s, whether it will become "commoditized" remains to be seen. Nevertheless, the ethereum ecosystem continues to expand, and ethereum is our second choice. Solana is more oriented toward consumer-facing blockchain ecosystems and also has the potential to become part of institutional expansion in the future. In terms of asset allocation, Cathie Wood said that since the flagship strategy cannot directly hold crypto ETFs, ARK mainly participates in the crypto industry through equities, including a certain exchange, Robinhood, and stablecoin-related company Circle, and holds a small exposure to ethereum and solana. Currently, crypto-related assets account for about 12%–13% of the portfolio, which is a relatively appropriate proportion overall. She added that the market is watching whether large traditional financial institutions (such as Morgan Stanley, Bank of America, Wells Fargo, UBS, etc.) will officially introduce bitcoin through ETFs in this cycle, and this decision may become an important variable affecting the next phase of the market.