Singapore-based cryptocurrency trading firm QCP Capital issued its latest market analysis. After the Jackson Hole meeting, the firm’s trading desk noted rising activity in call option spread buying, along with substantial call option selling with a strike price of around $100,000 extending until March 2025. This may indicate a generally bullish sentiment in the cryptocurrency market, although a dramatic short-term growth is not expected.
QCP Capital observed that despite the rise in spot prices, the implied volatility for BTC and ETH continues to favour put options over call options until October. This is unexpected, given the current bullish market sentiment. It may suggest that the market anticipates this increase and has swiftly realized profits by selling call options.
Furthermore, although the upward price trend is evident, implied volatility indicates some market uncertainty. With volatility on short-term options decreasing, BTC spot prices are anticipated to fluctuate between $62,000 and $67,000 in the near term, according to the company’s analysis.
Additionally, NVIDIA‘s financial report and the United States personal consumption expenditure (PCE) data are both scheduled for release this week. However, these events are not anticipated to produce any major surprises.
Bitcoin Trades At $63,816 Amid ETF Inflows, ETH Price Declines
At present, Bitcoin is trading at $63,816, marking a slight decline of 0.13% over the past 24 hours. The cryptocurrency has experienced volatility, reaching a high of $64,860 and a low of $63,571 during this period.
This current price level is considered positive, largely due to recent inflows into Bitcoin exchange-traded funds (ETFs). Between August 17 and August 23, spot BTC ETFs saw net inflows totaling $506.37 million, as per SosoValue data.
In contrast, Ethereum (ETH) is priced at $2,734, reflecting a decline of 0.86% over the past day. ETH’s 24-hour trading range has been between $2,727 and $2,790.
The global cryptocurrency market capitalization has declined by 0.20% to $2.24 trillion today. Additionally, the total cryptocurrency market volume has dropped by 7.09% over the past day to $53.63 billion, as reported by CoinMarketCap.
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