Odaily Planet Daily reports that Greeks.live macro researcher Adam posted on the X platform stating that although Bitcoin's price hit a new rebound high today, the implied volatility (IV) of major-term options and expiry options did not increase; instead, it decreased compared to when Bitcoin broke through $70,000. Over the past week, VRP has dropped significantly, declining nearly 20% across all maturities. This divergence generally indicates that institutions believe the rebound has come to an end and momentum is waning.

Bitcoin core figure Adam Back pointed out at the Miami industry conference that Bitcoin price corrections are a normal part of market cycles, reflecting historical price trends rather than a deterioration of fundamentals. Retail and institutional investors have different holding characteristics, and institutional patience may reduce market volatility. Currently, Bitcoin's market capitalization is still below gold, and long-term growth potential remains significant. Blockstream intends to expand Bitcoin reserves, indicating a bullish trend among institutions.