QC P Capital: The crypto market storm led to a sharp drop in BTC and ETH, with volatility surging.

QCP Capital pointed out that on August 8, 2024, the crypto market was hit by a storm, with BTC and ETH falling to lows of 49,000 and 2,116 respectively. The massive ETH sell-off by Jump Trading and Paradigm VC, as well as the surge in the implied volatility of ETH to 120% on the front end, may be the direct cause of this decline. Due to the poor unemployment data in the United States last Friday, the deterioration of the macro economy and the intensification of global risk aversion, market volatility has increased sharply. Despite this, the forward basis and financing rate remain stable.