🔥QCP：Bitcoin cautious rebound, ongoing volatility risk

8 April, QCP released market insights stating that influenced by the US and Iran reaching a two-week ceasefire agreement, Bitcoin rebounded above $71k, but the ceasefire is conditional and has not resulted in a lasting solution; options market indicates that this round of rally is more driven by event-driven squeezes, with front-end BTC implied volatility retreating, but skew deepening and strong demand for downside puts persist, and the term structure remains in contango, showing that the market has not abandoned hedging. QCP believes that the current cautiousness in the market is reasonable. Recent attacks on Saudi energy infrastructure highlight that even if shipping resumes, volatility risks remain. The macro environment remains complex. US employment data has rebounded, but underlying labor indicators are weakening, forcing the Federal Reserve to…
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