【The Cook Capital Market View】 Recently, the RV of BTC has been lower than the IV across various timeframes, including 1W/1M/2M/3M. However, the mid to long-term IV for 6M and 1Y is lower than the RV. We believe this phenomenon may be due to the current price of the coin being at a historical high, with the potential for further breakthroughs at any time, leading to strong confidence in upward movement and an overall optimistic market atmosphere.