Procap Financial chief investment officer Jeff Park has compared bitcoin’s current market setup to silver’s recent record-breaking trading frenzy, arguing that crypto remains stuck in a volatility-driven trader’s market.
The comments followed a surge in silver trading after Bloomberg ETF analyst Eric Balchunas highlighted that the iShares Silver Trust recorded $32 billion in daily volume, making it the most actively traded security globally for the session.
“My latest view on BTC is that this is still a trader’s market,”
Park wrote on X, adding that bitcoin is unlikely to move meaningfully higher without renewed volatility.
Park pointed to implied volatility near 38 and weak month-to-date volumes as signs of a poor setup for sustained gains when compared with the explosive activity seen in precious metals.
He also rejected claims that “paper bitcoin” suppresses price discovery, arguing instead that silver’s rally showed how leveraged and financialised markets can amplify moves under the right conditions.
“Silver’s record-setting meltup comes from all the shenanigans behind ‘paper silver,’”
Park said, referring to margin pressure and derivatives exposure rather than spot demand alone.
“To root for bitcoin is to root for its volatility,”
Park added, warning investors that sharp moves are inevitable and that a smooth rally is unlikely.
At the time of reporting, Bitcoin price was $89,035.58.