Bitwise: Bitcoin implied volatility falls to a three-year low as long-term holders distribute their holdings.

A Bitwise report indicates that Bitcoin is showing resilience around $82,000, with short-term holders' cost price around $74,800 and the real market average around $77,600. Bitcoin's at-the-money implied volatility across all maturities is near its three-year low, with 3-month and 6-month implied volatility at the 0.8 and 0.2 percentiles of their historical distribution, respectively. This week, US Bitcoin spot ETFs saw net inflows of $1.074 billion, but the long-term holder net position change indicator is negative, indicating a distribution phase and causing price consolidation.