QCP: BTC risk reversals remain skewed in favour of puts until June, suggesting that markets are still mildly cautious in the near term. That said, the tone further out is turning more constructive. On Saturday, we observed aggressive buying of 800x BTC-27MAR26-100k-C. BTC continues to consolidate within the $80k-$90k range and could continue trading sideways, adopting a "wait and see" approach to the tariff situation.