NewsletterBest Time To Buy Longs In Bitcoin (BTC) and Ethereum (ETH): QCP Capital
Highlights
- QCP Capital recommends buying Bitcoin and Ethereum longs at current levels.
- BTC and ETH prices could further drop as skew deepens.
- Spot Bitcoin and Ether ETFs to begin trading in Hong Kong is a major catalyst.
Crypto trading firm QCP Capital on Friday recommended buying Bitcoin and Ethereum, saying “If you are still a bullish believer, a consolidating market could be the best time to accumulate longs.”
Bitcoin and Ethereum prices are consolidating near $63,000 and $3,100 levels for a massive rally this year. Santiment reported that Bitcoin active wallets are rising quickly despite choppy prices.
Bitcoin and Ethereum Fall Raises Questions
Post-Bitcoin halving performance of Bitcoin (ETH) and Ethereum (ETH) prices raised questions of whether the market has lost faith or is this just a short pause in a longer-term bull run.
QCP Capital, a Singapore-based digital asset trading company, in a new trade idea on April 27 noted the volumes in Bitcoin and Ethereum options have compressed drastically. This week, heavy selling of BTC options has seen the vol curve collapse, with Bitcoin vols further compressing from 70% to 50%. The company added that if people are looking to buy BTC and ETH, then this consolidating market is the best time to accumulate longs.
Other the other side, the downside skew in Ethereum (ETH) risk reversals has also dropped further to -13%, said QCP Capital. This could be due to recent reports of SEC possibly denying or further delaying spot Ether ETF. According to people familiar with the matter, the SEC and its staff have shown no interest in the spot Ether ETF and its potential. Four people who participated said the discussions were one-sided.
Also Read: Shiba Inu or Dogecoin: Which Is Better & Likely to Outperform This Year
Hong Kong’s Spot Bitcoin and Ether ETF Going Live
Spot Bitcoin and Ether ETFs to begin trading in Hong Kong on April 30. QCP Capital says this is potentially a big positive catalyst next week as Hong Kong financial industry joins other financial markets such as the U.S. and Europe to invest in spot Bitcoin ETF.
Experts predict market reaction similar to the United States, which saw massive buying by institutional investors. Interest is growing in what could be a gateway for the inflow of Asian institutional capital, said QCP Capital.
QCP Capital suggests BTC Accumulator and ETH Accumulator strategies for options traders, which a weekly buying call at a discount of the spot prices of BTC and ETH.
BTC price fell over 2% in the last 24 hours, with the price currently trading under $63,000. Meanwhile, ETH price trades at $3,116, down more than 1% in the past 24 hours.
Also Read: Bitcoin ETF Records First All Net Outflow Of $83M Since Launch, Bitcoin Bottomed?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- December Recovery Ahead? Coinbase Outlines Why Crypto Market May Rebound
- Peter Brandt Hints at Further Downside for Bitcoin After Brief Rebound
- $1.3T BPCE To Roll Out Bitcoin, Ethereum and Solana Trading For Clients
- Why is the LUNC Price Up 70% Despite the Crypto Market’s Decline?
- CoinShares Fires Back at Arthur Hayes, Dismisses Fears Over Tether Solvency
- Ethereum Price Holds $3,000 as Bitmine Scoops Up $199M in ETH; What Next?
- Solana Price Outlook Strengthens as Spot ETFs See $15.68M in Fresh Inflows
- Dogecoin Price Gears Up for a $0.20 Breakout as Inverse H&S Takes Shape
- Bitcoin Price Forecast as BlackRock Sends $125M in BTC to Coinbase — Is a Crash Inevitable?
- XRP Price Prediction As Spot ETF Inflows Near $1 Billion: What’s Next?
- Solana Price Outlook: Reversal at Key Support Could Lead to $150 Target
