Odaily Planet Daily reported that QCP stated that yesterday, the cryptocurrency market declined, with over 100 million dollars in BTC and ETH positions liquidated across major exchanges. However, BTC and ETH continue to trade steadily above key support levels (95,000 and 3,200, respectively). Despite a market pullback over the weekend, long-term volatility remains relatively high. The market seems to expect BTC to consolidate before December, with short-term focus shifting to ETH. The risk reversal for ETH still heavily favors short-term call options, while the demand for BTC call options is mainly concentrated after December 27, 2024, driven by potential impacts from Trump's pro-crypto policies, which are expected to take effect as early as later next year. As we mentioned last week, if BTC continues to fail to break through 100,000, there may be a trend of funds shifting from BTC to ETH and other altcoins. In fact, this situation has already begun to occur. Over the past week, BTC's market cap share has dropped from 62% to 59%. Although the continued strong inflow of funds into spot ETFs and bullish IBIT options tendencies support BTC, facing a massive sell wall at 100,000, BTC still seems to be struggling to move forward.

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