BlockBeats news, November 25, QCP released a daily outlook stating that yesterday, the cryptocurrency market fell, with over $100 million 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 appears to expect BTC to consolidate sideways before December, while short-term focus has shifted to ETH.
ETH's risk reversal remains significantly tilted towards short-term call options, while BTC's demand for call options is mainly concentrated after December 27, 2024, driven by the potential impact of 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, a trend of funds shifting from BTC to ETH and other altcoins may occur. In fact, this situation has already begun to happen.
In the past week, BTC's market capitalization share fell from 62% to 59%. Despite strong inflows into the spot ETF and a bullish IBIT options tendency supporting BTC, it seems to be struggling against a massive 100,000 sell wall.
