Jeff Park: Bitcoin needs volatility; silver’s Jan. 26 jump, IV ~38 signal risk

On Jan. 27, ProCap CIO and Bitwise adviser Jeff Park warned on X that Bitcoin’s muted options pricing and thin month‑to‑date activity make upside traction unlikely without a material rise in volatility, citing ~38 IV. He pointed to silver’s Jan. 26 surge—14% in the most‑active futures and outsized SLV volumes—as a template for sudden, disorderly moves.