QCP: Price to be capped in the near-term but explosively bullish into year-end. Our desk has seen large selling of calls for expiries under 1-month and aggressive buying of calls for September into December. Vols are pricing a summer consolidation and fireworks into the US elections. ETH bullishness persists with ETH vols trading at an 18% premium to BTC in expectation of an imminent ETH spot ETF launch.