Bitcoin's 30-day implied volatility dropped to 36.11 on May 26, the lowest in the past nine months; at the same time, Glassnode estimates that about 7.75 million BTC are in an unrealized loss state.

In other words, the market looks very calm, and the options market is unwilling to pay high premiums for large swings, but on-chain, there's a large pile of trapped chips.
Glassnode defines this "excess supply of losses" as a typical bear market structure, which usually only eases after weak hands give up.
This creates an unusual combination: the sentiment appears to be in a "bored breathing period," while the structure still leans bearish.
If there are new shocks later, it could accelerate the clearing of chips; if prices remain steady, there’s a chance to slowly lock in these chips.
In such a range, a more realistic approach might be to recognize: low volatility does not mean risk-free; it simply shifts the multiple-choice question from "direction" to "pace and patience."