QCP Capital points out that the crypto market is currently in a state of wait-and-see. Despite the rising geopolitical risks in the Middle East, the BTC price remains in a sideways fluctuation. The derivatives market shows a more cautious sentiment, with the risk reversal preference for BTC and ETH continuing to trend towards downside protection, indicating that investors are hedging against potential pullbacks. The implied volatility of ETH's June at-the-money options is lower than that of September, with short-term event-driven risk premiums retreating. The market is like a compressed spring, waiting for the next macro or geopolitical event to trigger volatility.