QCP stated that during the BTC decline, the front-end gamma was hedged, and the one month implied volatility (IV) has now rebounded to around 50%, while it is worth noting that the option bias remains largely unchanged. The rise of BTC's dominant position and the decline in the price of altcoins indicate that altcoin investors may have already filled their positions, and any new inflow of US dollar funds may completely flow into BTC. At present, the demand for BTC is mainly driven by institutions such as MicroStrategy, which raise funds through the issuance of equity linked notes. In the past 14 months, cryptocurrency related financing has accounted for approximately 19% of total financing. As this market approaches saturation, if BTC spot prices remain low, institutional demand may be suppressed. https://www. (wublock123.com)/index.php? m=content&c=index&a=show&catid=6&id=38501