QCP Capital: The sluggish market is caused by selling pressure such as miners' surrender. BTC prices are limited in the short term but are expected to rise by the end of the year

According to ChainCatcher, QCP Capital posted in its official channel that a large number of miners surrendered after the halving, and the miners' BTC holdings have dropped to the lowest level in the past 14 years, with total reserves down 50,000 from the beginning of the year. The German government wallet address also has a large amount of BTC that has not been sold, and the existence of these selling pressures is the main reason for the sluggish market.

QCP Capital believes that BTC prices will be limited in the short term, but will explode into bullishness by the end of the year. It detects that the options market is selling a large number of call options with expiration dates of less than 1 month, and actively buying call options from September to December. Traders are pricing in summer consolidation and increases before the US election. In addition, ETH spot ETFs are expected to be launched soon.