QCP: Bitcoin option volatility falls back Macro and geopolitical risks dominate short-term trends

In the options market, implied volatility fell slightly, the curve maintained a moderate positive spread, downward hedging demand still exists but has not reached extreme levels, and geopolitical premiums continue to be reflected in volatility pricing. At present, BTC has not fully followed the high beta logic of the stock market, nor has it formed a stable demand for hedging. The market trend is still mainly driven by news. In the short term, the trend market will not be formed until the macro or geographical situation becomes clear.