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According to analysts at Singapore-based trading company QCP Capital, some institutional investors believe the cryptocurrency market has hit bottom and have started to take action. The analysts suggest that this belief has triggered an increase in the number and size of positions opened with bullish expectations for December and March 2025.
Implied Volatility Remains High Amid Upcoming Developments
According to QCP Capital’s latest daily analysis on September 9, the cryptocurrency market has stabilized somewhat after last week’s sharp fluctuations, but implied volatility remains high.
Upcoming significant events, such as the debate between US presidential candidates Donald Trump and Kamala Harris on September 10 and the release of US inflation data, are expected to cause high volatility in the market.
Despite last week’s rapid decline, analysts note that cryptocurrency market participants are aware of the downside risks and continue to act cautiously. Therefore, risk reversals for BTC and ETH indicate a preference for put options until October. However, market participants seem to view the recent drop as an opportunity to take positions with long-term bullish expectations, suggesting that the current noise may be just that—noise—and the long-term trend remains upward.
Increased Interest in Call Options Expiring on March 28, 2025
QCP Capital observed a strong interest in call options expiring on March 28, 2025, with strike prices of $85,000, $100,000, and $120,000. This indicates that some buyers are positioning themselves with the expectation of a strong market recovery. This trend suggests that some institutional investors see the current levels as an opportunity to increase the size of their positions with bullish expectations for December and March.
Currently, the cryptocurrency market is caught between short-term uncertainty and a long-term bullish outlook. The largest cryptocurrency, Bitcoin 
$103,009, was trading at $55,107 with a 1.26% increase in the last 24 hours at the time of reporting, while the altcoin king, Ethereum 
$2,380, was priced at $2,315 with a 0.41% increase.
