QCP Asia Colour - 25 November 24 Crypto dipped lower yesterday as more than 100m worth of BTC and ETH positions were liquidated across exchanges. However, both are still trading comfortably above their key support levels (95k and 3200). Even with the retracement over the weekend, backend vols remain relatively elevated. The market seems to be expecting BTC to trade sideways until December as attention shifts towards ETH in the near term. ETH risk reversals remain heavily skewed in favor of frontend Calls, while BTC Calls seem to be more bid only from 27DEC24 onwards, driven by the potential impact of Trump's pro-crypto policies which are only likely to take effect later next year. As we mentioned last week, there could be a gradual rotation from BTC to ETH and other alts if BTC keeps rejecting 100k. In fact we are already starting to see this play out as BTC dominance dropped from 62% to 59% over the past week. Despite consistently strong spot ETF inflows and impressive IBIT options skewed in favor of Calls…