"Has the Bitcoin decline come to an end? Year-end opportunities."

Bitcoin is currently attempting to stabilize after a sharp decline of 30% in recent days. QCP's new report reveals that the factors determining market direction are strong Call positions alongside increasing expectations of interest rate cuts. In particular, the soft remarks made by Federal Reserve members John Williams and Mariana Muir on Friday changed the overall market sentiment, raising the probability of an interest rate cut in December to 75%. Just last week, this probability was fluctuating between 30% and 40%, and liquidity-sensitive assets like Bitcoin have begun pricing in this macro shift quickly.

However, QCP analysts point out that Bitcoin still carries the remnants of the sharp sales experienced in recent weeks, and the technical outlook has not fully turned positive. According to the data in QCP's report, an interesting divergence is observed in the derivatives markets. The billions of dollars concentrated in year-end Bitcoin Call contracts indicate that investors are hedging against downside risks while still keeping a strong recovery possibility on the table. Looking at the distribution of open positions, significant Call accumulations are noticeable at the $85,000, $120,000, $130,000, $140,000, and $200,000 levels.

QCP noted that this situation suggests increased volatility as the year comes to a close. Additionally, another striking point in the report is that the Max Pain level stands at $104,000. With options open positions reaching record levels, this threshold has become even more critical this year. On the futures side, the outlook appears somewhat more relaxed. QCP reported that the turnaround of funding rates into negative territory indicates that long leveraged positions have been cleared out, reducing the risk of overheating in the market, thus leading to a healthier state.