According to the latest report released by QCP on November 25, the crypto market fell yesterday, and more than $100 million of BTC and ETH positions were liquidated on major exchanges, but both are still running steadily above the key support levels of $95,000 and $3,200, respectively.
Despite the weekend pullback, forward volatility remains high. The market expects BTC to remain range-bound until December, while the focus shifts to ETH in the short term. ETH risk reversal indicators show high demand for short-term call options, while demand for BTC call options is concentrated after December 27, 2024, which may be related to the potential impact of Trump's pro-cryptocurrency policies, which are not expected to take effect until next year.
Recently, BTC's market cap share has dropped from 62% to 59%, reflecting a trend of funds possibly gradually shifting from BTC to ETH and other altcoins.
In addition, today Michael Saylor hinted at a possible increase in BTC holdings. The market is watching whether MicroStrategy's new round of purchases will push BTC to break the 100K mark. If achieved, BTC may further rise, while altcoins may be affected in the short term.
