币界网报道：QCP Capital published a market review on June 20, pointing out that despite the risk of escalation in the Middle East, BTC prices continue to consolidate, investor sentiment remains on the sidelines, and the market is waiting for a clear catalyst to emerge. The derivatives market shows a more cautious tone: the risk reversal structure of BTC and ETH still shows a preference for downside protection, indicating that longs are hedging spot positions; in addition, ETH's June at-the-money implied volatility is lower than that of the September contract, which may reflect the decline in short-term event-driven volatility or profit-taking by some investors. QCP believes that despite low volatility, the market is in a state of "ready to go", and any macro events, policy changes or sudden news may ignite violent fluctuations again.