The Federal Reserve recently injected $2.5 billion through overnight repurchase operations, pushing the total liquidity for this year to the $120 billion level. But on the other hand, Bitcoin's days don't seem to be so smooth.

In terms of price, Bitcoin has been hovering below the $90,000 mark, unable to break through or fall below. Meanwhile, gold is thriving, continuously hitting new records, recently surpassing $4,562 per ounce. Silver is also following suit, with prices reaching $79 per ounce. The contrast among the three is quite obvious.

However, there is an interesting phenomenon here. According to analyst observations, Bitcoin's actual volatility is as high as 37.8%, while its implied volatility is only 15.1%. Such a large gap between the two usually signals—an indicator of a price increase before it happens. This also explains why Bitcoin's recent volatility has been so exaggerated. It seems that the internal market turbulence far exceeds the calm appearance on the surface.