According to ChainCatcher, QCP Capital, a Singapore-based crypto investment institution, posted on social media that BTC fell below the $60,000 support level under heavy pressure, hitting a low of $57,875. BTC miners showed signs of capitulation, which historically usually means that prices have bottomed out.

Despite the severe sell-off in the crypto market, the options market is bullish on ETH, especially ETH options expiring in September and December.

QCP Capital said that the liquidation clusters of BTC and ETH are biased towards the top, which may trigger a short squeeze, and the S-1 form approval is approaching, which may lead to a strong rebound in ETH if approved.