Bitcoin Implied Volatility at 0.2nd Percentile as Long-Term Holders Distribute

Bitcoin holds near $82,000, close to spot ETF cost basis. Key support at $74,800 and $77,600. 30-day and 60-day ranges narrowed to 1.8% and 3.0%. Implied volatility for 3-month and 6-month options hit 0.8th and 0.2nd percentiles of 3-year distributions. U.S. Bitcoin spot ETFs saw $1.074 billion net inflows this week. Long-term holders are distributing, a possible reason for prolonged consolidation.