QCP Capital Analysis points out that the key price points for ETH and BTC are $4000 and $100,000, respectively. After briefly breaking through these levels last week, both have retreated. Currently, options expiring on December 27, 2024, have the highest open interest at the strike prices of $4000 for ETH and $100,000 for BTC, with 90,000 and 16,000 contracts, respectively. Although rising spot prices may prompt traders to cover positions, the current funding rates are stable, and the likelihood of significant volatility in the short term is low. QCP believes that the spot market may mainly fluctuate during the holiday period, while ETH typically reaches new highs only in January following a halving. The options market reflects this sentiment as well, with the ETH risk reversal structure showing bullish sentiment more concentrated after January of next year.