According to QCP Capital’s latest market report, crypto prices have stabilized after a recent decline, though implied volatility remains high. Market participants are bracing for further price swings ahead of two key events: the Trump-Harris debate on Sept. 10 and the U.S. consumer price index (CPI) release on Sept. 11, 2024.

The CPI will publish just one week before the U.S. Federal Reserve decides what to do with the federal funds rate. The Singapore-based firm QCP also highlights the market’s cautious outlook, with risk reversals in bitcoin (BTC) and ether (ETH) skewed towards puts, reflecting concerns over potential downside risks.

Despite the volatility and uncertainty, QCP remains “structurally bullish” on crypto assets, noting significant long-term trades being executed. “It certainly looks like the market is also taking advantage of this leg lower to pile on more longer term bullish trades,” the analysts remarked.

The report further points to large call option purchases for March 2025, with strikes at $85,000, $100,000, and $120,000 for BTC, indicating continued confidence in the asset’s long-term growth. The firm suggests that market participants are using the recent price dip to build up longer-term positions, despite short-term noise.

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