QCP: It is expected that the price of BTC will remain in the current range in the short term, and will rebound from February.

On December 30th, QCP released its daily market observation, stating that as expected, we saw the typical end-of-quarter Volatility selling pressure after the Options expiration. Volatility has decreased by 2-3 volatility points since last Friday's record-breaking Options expiration. Despite BTC consolidating near the bottom of its one-month range and delivering mediocre returns this month, BTC and ETH have performed reasonably well in the fourth quarter: BTC pumped 48% and ETH pumped 30%. However, it may still be too early to summarize this quarter. Just yesterday, Saylor once again released his BTC purchase tracker, which may indicate another round of buying to further support the price. Despite the potential for another round of buying, we do not have high expectations for the market during the New Year period, especially given the healthy capital situation. The average return rate in January (+3.3%) is relatively similar to that of December (+4.8%). We expect the Spot price to remain in this range in the short term until it starts to rebound in February. The flow of Options also reflects a similar sentiment, with decreasing front-end Volatility and stronger demand for call Options in March, partly due to a large amount of March Options bought last Friday.