According to Odaily, QCP Capital's market commentary on June 20 highlights that despite the potential for escalating tensions in the Middle East, Bitcoin's price remains stable, with investors adopting a wait-and-see approach as they anticipate a clear catalyst. The derivatives market reflects a cautious tone, with the risk reversal structure for Bitcoin and Ethereum indicating a preference for downside protection, suggesting that bulls are hedging their spot positions. Additionally, Ethereum's implied volatility for June is lower than that of September contracts, possibly indicating a decline in short-term event-driven volatility or profit-taking by some investors. QCP Capital believes that although volatility is currently low, the market is in a 'ready-to-explode' state, where any macroeconomic event, policy change, or unexpected news could trigger significant fluctuations.

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