Coinbase has expanded its prediction markets feature to users across all 50 
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launch in December that was…

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Bitcoin’s unusually subdued options pricing and weak month-to-date activity 
are setting up what ProCap CIO and Bitwise adviser Jeff Park calls a dangerous 
asymmetry: upside momentum is unlikely without volatility, and the longer BTC 
stays “quiet,” the more violent the eventual move could be. In a post via X on 
Jan.27, Park described the current tape as “still a trader’s market,” arguing 
that low implied volatility and thin participation are a poor foundation for a 
clean grind higher. “It is very unlikely for Bitcoin to find momentum to the 
upside without experiencing significantly higher volatility,” he wrote. “The 
fact that we are at ~38 IV combined with horrible volume MTD gives me pause 
(lower than ANY month of 2025, and especially bad for January in general) when 
you can see what the metals complex is doing. You literally can&#8217;t imagine a 
worse set up for disappointment.” What Happened In Silver And Why It Could 
Repeat For Bitcoin Park’s reference point is a silver market that has gone 
from strong to disorderly. Silver prices have surged above $117 per ounce on 
Monday, with reports pointing to a speculative bid layered on top of tight 
physical conditions and heavy retail participation via bars, coins, and 
physically backed ETFs. Related Reading: Bitcoin Won’t Break Out Until The Fed 
Steps Into Yen/JGB Chaos: Arthur Hayes The move also featured a sharp single- 
day jump. On Jan. 26, the most-active silver futures contract rose 14%, the 
largest one-day gain since 1985. That price action coincided with a staggering 
surge in trading and options activity across silver vehicles. Bloomberg ETF 
analyst Eric Balchunas highlighted the scale: “WHOA: The volume in the SLV is 
$32b.. that 15x its avg and by far the most volume of any security on the 
planet. For context, SPY is $24b, NVDA and TSLA $16b. Can&#8217;t remember the last 
time something so relatively small took over like this. Game Stop maybe.” 
WHOA: The volume in the $SLV is $32b.. that 15x its avg and by far the most 
volume of any security on the planet. For context, $SPY is $24b, $NVDA and 
$TSLA $16b. Can&#8217;t remember the last time something so relatively small took 
over like this. Game Stop maybe. pic.twitter.com/s6lVajUq4J — Eric Balchunas 
(@EricBalchunas) January 26, 2026 He later added that SLV “ended up trading 
$40b worth of shares [on Monday],” adding: “To put that into perspective, 
that&#8217;s more than it traded in all of Q1 last year. Jan + Feb +Mar = $35b. 
Options volume also in stratosphere. It&#8217;s already done $1.5b in pre-market, 
which is 3x more than any other ETF, 5x more than Tesla, Nvidia. Again, 
reminds me of Game Stop in its how is this even possible-ness.” “Paper” 
Exposure As An Accelerant A common crypto refrain is that “synthetic” or 
“paper” bitcoin suppresses spot price. Park argued the opposite dynamic is 
often underappreciated and he used silver to illustrate how leverage and 
market structure can turn into the catalyst. Related Reading: Expert Who 
Nailed The Bitcoin Top Now Says Buy At These Levels “People often blame 
incorrectly that ‘synthetic/paper’ bitcoin is the cause of price suppression,” 
Park wrote. “I have long argued it is quite the opposite, which you can see 
how it manifests in silver below- Silver didn&#8217;t have a 6-sigma event because 
the spot market was so vibrant.” In his telling, silver’s melt-up wasn’t 
driven by orderly spot demand; it was driven by the “shenanigans” inside 
financialized exposure. “Silver&#8217;s record-setting meltup comes from all the 
shenanigans behind ‘paper silver’ where margin rules, leveraged instruments 
and vehicles, and liquidity and maturity transformation mismatches create 
tremendous pressure on breaking points where no physical supply can be 
introduced fast enough to counter the velocity of paper supply,” he said. “For 
Park, the takeaway is directional but not calendar-specific. “To root for 
Bitcoin is to root for its volatility,” he wrote. “Anyone who tells you 
otherwise does not understand the fundamentals of the commodities market … It 
may not be today or yet tomorrow, but eventually Bitcoin is going to rip many 
faces off. Volatility or bust.” At press time, BTC traded at $89,430. Featured 
image created with DALL.E, chart from TradingView.com

‘Paper’ Bitcoin Isn’t Suppressing Price – Silver Shows Why, Jeff Park Says

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