On November 25th, according to the latest report released by QCP, the cryptocurrency market fell yesterday, with over $100 million worth of BTC and ETH positions liquidated on major exchanges. However, both are still running steadily above key support levels of $95,000 and $3,200, respectively. Despite a weekend correction, the forward volatility is still relatively high. The market expects BTC to maintain a range-bound pattern before December, with attention shifting to ETH in the short term. The ETH risk reversal index shows a high demand for short-term call options, while the demand for BTC call options is concentrated after December 27th, 2024, potentially related to the potential impact of Trump's support for cryptocurrencies. These policies are expected to take effect next year.
Recently, BTC's market share has dropped from 62% to 59%, reflecting a trend of funds possibly shifting from BTC to ETH and other altcoins.
In addition, Michael Saylor hinted today that he may increase his BTC holdings. The market is watching whether MicroStrategy's new round of purchases will push BTC above the $100K mark. If this happens, BTC may further rise, while altcoins may be affected in the short term.
