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

QCP Capital's market commentary on June 20 points out that despite the risk of escalation in the Middle East situation, BTC price continues to consolidate sideways, with investor sentiment remaining cautious, and the market is waiting for a clear catalyst. 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 bulls are hedging their spot positions; additionally, ETH's June at-the-money implied volatility is lower than the September contract, which may reflect a decline in short-term event-driven volatility or some investors taking profits. QCP believes that although volatility is low, the market is in a "charged" state, and any macro events, policy changes, or sudden news could reignite intense volatility.