On August 12, QCP Capital shared an update on its official channel, noting that despite a week of strong price recovery, Bitcoin (BTC) continues to struggle to maintain levels above $60,000 following the recent sharp market correction.
The firm highlighted that the skewness of BTC put options, which had plunged to -25% during the panic, has now significantly recovered to the pre-correction level of -5%. However, the market remains cautious, with this skewness expected to persist through September.
Reflecting on the year, QCP Capital observed that following two major pullbacks in April and June, BTC managed to rebound above $70,000 in less than a month each time. With BlackRock’s Bitcoin ETF continuing to attract positive inflows, QCP Capital anticipates that U.S. investors will continue to provide the necessary liquidity and support to the crypto market.
The firm also emphasized the importance of macroeconomic factors, which remain critical to the market’s performance. While Asian stocks appeared stable, QCP Capital pointed to potential volatility triggers to watch, including Elon Musk's interview with Donald Trump at 8 p.m. EST tonight and the upcoming U.S. Consumer Price Index (CPI) release on Wednesday.
