Bitcoin Plummets To $61K, $260M In Longs Liquidated

　　Volatility Market Signals

　　Despite the short-term drop, QCP Capital remains optimistic about a substantial bullish turn towards the year-end.

　　The firms trading desk has observed significant selling of call options set to expire within a month, coupled with aggressive buying of calls for September to December.

　　This activity indicates a market expectation of a summer consolidation followed by a dramatic upturn as the U.S. elections approach.

　　EthereumETH/USD continues to show robust bullish sentiment, with its volatility trading at an 18% premium to BTC.

　　This is fueled by anticipations of an imminent ETH spot ETF launch, which has further bolstered market confidence in ETHs future performance.

　　Spot Bitcoin ETFs experienced a net outflow of $106 million as of June 21, marking six consecutive days of outflows, with the Grayscale Bitcoin TrustGBTC seeing a single-day outflow of $34.2 million.

　　Despite these outflows, the total net asset value of Bitcoin spot ETFs remains substantial at $55.5 billion, underscoring the underlying strength and continued investor interest in Bitcoin.

　　Whats Next:As the cryptocurrency market navigates these turbulent times, the anticipation of regulatory advancements, particularly around the ETH spot ETF, and the broader economic landscape suggest a potentially explosive bullish trend towards the end of the year.

　　Industry experts and market participants are keenly awaiting the insights and developments that will be discussed at Benzingas Future of Digital Assets event on Nov. 19.