QCP: Bitcoin prices are expected to remain in the current range in the short term, with a rebound starting in February

According to news from CoinWorld, QCP released its daily market observation stating that, as expected, we have seen typical volatility sell-offs after the quarter-end expiry, with volatility decreasing by 2-3 volatility points since last Friday's record options expiry. Although BTC has been consolidating near the bottom of its one-month range and the returns this month have been flat, BTC and ETH have performed reasonably well in the fourth quarter: BTC is up 48%, while ETH is up 30%. However, it might be too early to summarize this quarter. Just yesterday, Saylor released his BTC purchasing tracker again, which may indicate another round of purchases is imminent, further supporting prices. Despite the possibility of another round of purchases, we do not have high expectations for the market during the New Year period, especially in a healthy funding scenario. The average return in January (+3.3%) is relatively similar to December (+4.8%), and we expect spot prices to stay in this range in the short term until a rebound starts in February. Options flow also reflects similar sentiment, with front-end volatility gradually declining, while risk reversals indicate strong demand for call options in March, partly due to the large purchase of March options last Friday.