QCP: The market had a healthy correction last weekend, and the focus will turn to ETH in the short term

QCP posted that yesterday, the crypto market fell, and more than $100 million of BTC and ETH positions were liquidated on major exchanges. However, BTC and ETH are still trading firmly above key support levels (95,000 and 3,200, respectively). Despite the market's pullback over the weekend, long-term volatility remains relatively high. The market seems to expect BTC to consolidate until December, with the focus turning to ETH in the short term. ETH's risk reversal still heavily favors short-term call options, while BTC's call option demand 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 late next year. As we mentioned last week, if BTC continues to fail to break through 100,000, there may be a trend of funds shifting from BTC to ETH and other altcoins. In fact, this has already begun to happen. Over the past week, BTC's market capitalization share has fallen from 62% to 59%. Despite continued strong inflows into spot ETFs and bullish IBIT options bias supporting BTC, BTC still seems to be struggling in the face of a massive 100,000 sell order wall.