📊 QCP notes that #BTC rebounded to around $74K alongside risk assets, with spot grinding higher amid negative funding and softer open interest. This indicates ongoing short pressure and a squeeze dynamic. however, options have not confirmed a breakout, with front-end ATM vol around 40%, low IV rank, 1M vol below 3M, and 30-day 25-delta risk reversals still favoring downside protection. This suggests a spot-led relief rally rather than a broader risk-on shift. #crypto

BTC0.48%
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