Odaily News Crypto market maker QCP Capital noted in its latest market report that the downside skew in the ETH risk reversal it highlighted on Friday has proven to be an accurate early decline indicator, and said it may is due to its sensitivity to crypto market anxiety, as speculators long altcoins tend to use ETH put options for hedging. Last night, at the macro level, news that Iran threatened to retaliate against Israel triggered a global sell-off in risk assets; BTC fell to $65,100, ETH fell to $3,100, and altcoins generally fell by 20-30%. This change caught the market off guard, and the perpetual contract funding rate was once pushed to a negative range below -40%, the highest level this year. Negative funding rates have also suppressed the forward curve, with short-term yields falling below 10%. After this decline, BTC has once again returned to the center of the tight range of $64,000 to $73,000. Although BTC is still about a week away from its halving, QCP predicts that it may be difficult to break through this range in the short term.