QCP Capital: Crypto market tensions are expected to continue as the conflict between Iran and Israel develops

PANews reported on April 16 that QCP Capital, a crypto investment institution in Singapore, said that the crypto market is becoming increasingly nervous, and the downward tilt of ETH risk reversals is deeper (now -20%). This tension is expected to continue as the conflict between Iran and Israel develops. Weakness in the US stock market has also exacerbated risk aversion. However, we still see that demand for options with long-term expiration (until March 2025) for BTC and ETH remains stable and considerable. BTC's perpetual contract funding rate is basically flat, and the back end of the curve maintains a double-digit yield. The perpetual contract funding rates of other mainstream currencies are also generally negative, indicating that a large amount of long leverage has been cleared. Given the current general nervousness in the market, it is recommended to be very cautious in buy the dips by buying BTC or ETH at a price significantly lower than the spot price.