QCP Capital pointed out that the crypto market is currently in a wait-and-see state. Despite the rising geopolitical risks in the Middle East, BTC prices remain in a sideways fluctuation. The derivatives market shows a more cautious sentiment, with BTC and ETH's risk reversal preference continuing to lean towards downside protection, indicating that investors are hedging against potential pullbacks. The implied volatility of ETH's June at-the-money options is lower than that of September, and short-term event-driven risk premiums are retreating. The market is like a compressed spring, waiting for the next macro or geopolitical event to trigger volatility.

BTC0.09%
ETH0.54%
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