QCP Capital: Bitcoin miners' selling pressure after the halving limits price increases, expecting a relatively calm summer for the crypto market
ChainCatcher news, QCP Capital stated that despite the strong momentum in the stock market, Bitcoin still struggles to recover after the FOMC meeting. They believe this divergence is due to Bitcoin miners experiencing a post-halving sell-off, which directly limits the price.At the same time, Flowbank, which has a tripartite agreement with Binance, is currently facing bankruptcy proceedings.They expect the summer to be relatively calm, with lower market volatility and no catalysts to drive the market.Regarding Ethereum, they believe there won't be any immediate sparks, as Gensler is expected to approve the spot Ethereum ETF only by the end of summer.They suggest engaging in accumulation trades in advance during this long-term calm summer, especially targeting Ethereum. Currently, Ethereum's volatility is trading at a 10 volatility premium over Bitcoin, and they expect that as they await the approval of the S-1 form by the end of summer, Ethereum's writers will return, narrowing this gap.