According to Wu, QCP Capital noted that BTC volatility has been compressed significantly from 70% to 50% this week. Meanwhile, the downside skewness of ETH risk reversals has also deepened to -13% on the front end, which may be due to the expectation that the SEC's approval of the ETH spot ETF will be further delayed. However, a positive catalyst may emerge next week as Hong Kong BTC and ETH spot ETFs begin trading. In addition, there is growing interest in the Asian institutional capital inflow portal.