QCP: BTC prices are expected to remain in the current range in the short term and rebound from February
<ChainCatcher News> According to the daily market observation released by QCP, as expected, we have seen the typical quarter-end expiry volatility sell-off, with volatility declining 2-3 volatility points since the record option expiry last Friday. Although BTC has been consolidating near the bottom of the 1-month range, and returns this month have been flat, BTC and ETH have performed well in the fourth quarter: BTC is up 48%, while ETH is up 30%. However, it may still be too early to summarize the quarter. Just yesterday, Saylor released his BTC purchase tracker again, which may signal an upcoming round of purchases, further supporting the price. Although there may be another round of purchases, we do not have high expectations for the market performance during the new year period, especially given the healthy state of the funds. The average return rate in January (+3.3%) is relatively similar to December (+4.8%), and we expect the spot price to remain in this range in the short term until a rebound starts in February. The options flow also reflects a similar sentiment, with front-end volatility gradually declining, and the main risk reversal being the strong demand for call options in March, partly due to the large volume of March options bought last Friday.
