According to CoinMeta, as reported by Coindesk, the implied volatility of Bitcoin fell to a long-term low of 36% on the 30th, with prices fluctuating below $65,000. Adam Haeems, the head of asset management at Tesseract Group, stated that traders have a lower cost of establishing positions in a low-volatility environment. If the market breaks through the level of concentrated holdings, hedging operations will accelerate the trend. He reminded that low volatility does not equate to low risk, and caution is needed when using leverage, especially in situations with low trading volume and market depth.