QCP: The implied volatility structure of BTC and ETH releases downward expectations, and the market awaits key catalysts.

Odaily News QCP Capital released a market commentary on June 20, pointing out that despite the escalation risk in the Middle East, BTC prices continue to trade sideways, and investor sentiment remains cautious, with the market waiting for clear catalysts to emerge. The derivatives market shows a more cautious tone: the risk reversal structure of BTC and ETH still indicates a preference for downside protection, suggesting that bulls are hedging their spot positions; in addition, the implied volatility of ETH for June is lower than that of the September contract, which may reflect a decline in short-term event-driven volatility or partial profit-taking by some investors. QCP believes that although volatility is low, the market is in a "ready to go" state, and any macro event, policy change, or unexpected news could ignite severe fluctuations again.