QCP Capital noted that the volatility of BTC this week has significantly compressed from 70% to 50%. At the same time, the downside skewness of ETH risk reversal has also deepened to -13% at the front end, which may be due to expectations that SEC's approval of ETH spot ETF will be further delayed. However, with Hong Kong's BTC and ETH spot ETFs starting trading, there could be positive catalysts next week. In addition, interest in capital inflows into Asian institutional portals is growing day by day.