According to reports from Wu, QCP Capital notes that the crypto market is currently in a wait-and-see state. Despite rising geopolitical risks in the Middle East, the BTC price remains in a sideways movement. The derivatives market shows a more cautious sentiment, with the risk reversal preference for BTC and ETH continuing to lean towards downward protection, indicating that investors are hedging against potential pullbacks. The implied volatility of ETH's June at-the-money options is lower than that of September, and the short-term event-driven risk premium has receded. The market is like a compressed spring, waiting for the next macro or geopolitical event to trigger volatility.

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