Bitcoin’s annualized 30-day implied volatility dropped below 40%, marking the lowest level since Oct. 5. U.S. spot Bitcoin ETFs recorded $1.81 billion in weekly net inflows, the highest since October, signaling strong institutional activity. Despite the positive ETF momentum, analysts cautioned that delays in passing a U.S. cryptocurrency market structure bill could lead to a prolonged downturn, often referred to as a crypto winter.