QCP: BTC price movements are more driven by macroeconomic factors

Odaily News QCP released a daily report stating that as the market continues to consolidate, BTC's market dominance has risen to about 60%, close to a four-year high, while ETH and other altcoins continue to underperform. The LIBRA "leek cutting" scandal that occurred last weekend, involving Argentine President Milley, does not bode well for similar projects or those looking forward to the altcoin/meme coin season.
As BTC stabilizes back into the middle of the range, implied volatility continues to move downwards, which is not surprising as 7-day realized volatility has fallen. In the absence of significant crypto-specific catalysts, price action appears to be driven more by macroeconomic factors, especially as the correlation between BTC and the US stock market remains stable.
Crypto implied volatility and VIX continue to trade low despite macro uncertainty (tariffs, debt ceiling, inflation, etc.) and Trump's unpredictability. BTC has been relatively unaffected by recent macro data, and open interest (OI) has not recovered significantly since the end of January expiration. This suggests that the crypto options market is waiting on the sidelines for concrete policy changes, not just pro-crypto rhetoric. Current volatility levels are similar to last year's Q2-Q3 period, when BTC had difficulty breaking out of a multi-month range. Instead, most of the capital flow is concentrated in short-term option selling, or trying to trade the range, rather than positioning for a big breakout.