TechFlow reported that QCP Capital's latest report pointed out that the cryptocurrency market has stabilized after last week's volatility, but the implied volatility is still high. The market seems to be still preparing for important events this week, especially the Trump-Harris debate (9:00 Beijing time on September 11) and the release of CPI data (20:30 Beijing time on September 11).
Given the speed of price declines last week, the market remains cautious about downside risks, and risk reversals for BTC and ETH remain biased toward puts until October. Despite short-term noise and price volatility, QCP Capital remains structurally bullish.
The market also appears to be using this pullback to increase long-term bullish positioning, with the firm observing large buyers of call options expiring on March 28, 2025 (strike prices of $85k, $100k, $120k).
QCP Capital sees the rebound from $52.5k as encouraging, noting that some institutions appear to believe a bottom has been reached and are adding bullish bets in the December and March contracts.
