QCP Capital: The sluggish market is caused by selling pressure from miner capitulation, BTC price is limited in the short term but bullish by the end of the year

ChainCatcher news, QCP Capital stated in an official channel that a large number of miners have surrendered after the halving, and the BTC holdings of miners have dropped to the lowest level in the past 14 years, with total reserves decreasing by 50,000 coins since the beginning of the year. Meanwhile, the German government's wallet address also holds a large amount of BTC that has not been sold, and the existence of this selling pressure is the main reason for the sluggish market.

QCP Capital believes that the BTC price will be limited in the short term, but it will experience explosive bullishness by the end of the year. It has detected that the options market is heavily selling call options with expirations of less than one month and actively buying call options from September to December. Traders are pricing for a summer consolidation and a rise before the U.S. elections. Additionally, the launch of ETH spot ETFs is also expected soon.