Cryptocurrency analysis firm QCP Capital recently published a comprehensive analysis of the current state of Bitcoin (BTC).
According to the report, there was a significant drop in BTC volatility this week, falling from 70% to 50%.
The report also points out that the downward skew in Ethereum (ETH) risk returns has deepened, reaching -13%. This trend is likely driven by expectations of further delays in the U.S. Securities and Exchange Commission (SEC) approving ETH spot Exchange Traded Funds (ETFs).
A potentially positive catalyst is on the horizon as Hong Kong (HK) BTC and ETH spot ETFs begin trading next week, according to QCP Capital analysts.
According to analysts, the market currently expects the upward move to be limited and the spot price to consolidate in the short term.
Analysts also touched on the options market. According to QCP Capital, purchase contracts stating that Bitcoin will reach $80,000 by the end of May have been sold in large quantities this week. BTC price is trading at $62,934 at the time of writing this article and has lost approximately 2% in the last 24 hours.
*This is not investment advice.
