QCP: BTC and ETH implied volatility structures release downward expectations, and the market is waiting for key catalysts

Odaily News QCP Capital released a market review on June 20, pointing out that despite the risk of escalation in the situation in the Middle East, BTC prices continued to consolidate, investor sentiment remained on the sidelines, and the market was waiting for a clear catalyst to emerge.
The derivatives market shows a more cautious tone: the risk reversal structure of BTC and ETH still shows a preference for downside protection, indicating that longs are hedging spot positions; in addition, ETH's June at-the-money implied volatility is lower than that of the September contract, which may reflect the pullback of short-term event-driven volatility or profit-taking by some investors.
QCP believes that despite low volatility, the market is in a "ready to go" state, and any macro events, policy changes or breaking news could ignite violent volatility again.