Bitcoin's volatility is on the rise, with the 30-day implied volatility index (BVIV) breaking a key trendline, signaling a shift in market dynamics. Analysts point to three main catalysts: a reduction in volatility sellers, thinning liquidity, and macroeconomic concerns. Institutional liquidity provider Orbit Markets' co-founder Jimmy Yang observed that major holders are retreating from call options, while demand for downside protection is increasing. STS Digital's Jeff Anderson noted that weakened liquidity and lower trading volumes since the October 10 selloff have intensified price fluctuations. Additionally, BloFin Research's Griffin Ardern cited U.S. political uncertainty and inflation worries as factors contributing to the heightened volatility.