QCP Capital: BTC has returned to the center of the tight range of $64,000 to $73,000 and may be difficult to break through in the short term

Crypto market maker QCP Capital pointed out in its latest market report that the downside skew in ETH risk reversal, which it highlighted on Friday, has proven to be an accurate early indicator of declines, and said it may be due to its sensitivity to crypto market anxiety, as speculators who are long on altcoins tend to use ETH put options for hedging. Last night, at the macro level, news that Iran threatened to retaliate against Israel triggered a sell-off in risk assets around the world; BTC fell to $65,100, ETH fell to $3,100, and altcoins generally fell 20-30%. This change caught the market off guard, and the perpetual contract funding rate was once pressed to a negative range below -40%, the peak since the beginning of this year. Negative funding rates also suppressed the forward curve, with short-end yields falling below 10%. After this decline, BTC once again returned to the center of the tight range of $64,000 to $73,000. Although there is still about a week before the BTC halving, QCP expects that it may be difficult to break through this range in the short term.