Viewpoint: The cryptocurrency market is still in a state of readiness, and volatility may explode at any time Singapore's cryptocurrency investment firm QCP Capital has issued a statement stating that the global market is maintaining a wait-and-see attitude, and investors are assessing the possibility of geopolitical risks and potential volatility recovery. Gold surged and fell after the Israeli attack on June 13th, weakening safe haven demand, while WTI crude oil prices remained at the $75 mark. The energy market continues to be constrained by the Israel Iran conflict, fueling speculation about possible military intervention by the United States. The US dollar weakened slightly as investors bet on an increased probability of direct US involvement in regional conflicts within the next 48 hours, triggering a moderate withdrawal of funds from the US dollar. In terms of cryptocurrency, BTC continues its sideways trend. Despite the increasing macro uncertainty and political noise caused by Trump's social media comments, price fluctuations remain sluggish. The market sentiment is cautious, and position data shows that investors are waiting for a clearer catalyst. The risk reversal indicators for BTC and ETH show that investors in June and September contracts are more inclined to hedge against downside risks, indicating that long positions are actively protecting spot positions. It is worth noting that the implied volatility of ETH's June flat options has decreased compared to the September contract, reflecting a contraction in short-term specific risk premiums, which may be related to reduced event driven hedging or profit taking on short-term volatility. On the contrary, BTC's recent month contracts still maintain a slight volatility premium. The current cryptocurrency market is still in a state of readiness, and the next headline news, macro turn, or tail event could be the trigger for historical level volatility.