Despite recent price stability around $110,000, Bitcoin’s market remains in a cautious state, according to QCP Capital. Institutional demand for spot Bitcoin ETFs continues to be strong, providing support for the current price level. 📈 This positive sentiment is also reflected in front-end implied volatility, which remains high as traders anticipate potential news from this week’s Bitcoin Conference in Las Vegas (May 27-29). The conference will feature notable figures like Vice President JD Vance and Trump family members, attracting attention from both retail and institutional investors. 🤔 💡 QCP analysts point to historical precedent after the 2022 Bitcoin Conference in Nashville, where President Trump’s speech led to a significant spike in implied volatility, followed by a short-term price decline. This event continues to influence current market sentiment. While QCP sees the likelihood of a similar drawdown as low, their analysis shows that traders are still cautious with declining open interest and normalization of funding rates. Notable high-beta traders like James Wynn have also reduced their exposure. 📉 Further adding to this caution is unconfirmed reports about Trump Media’s $3 billion crypto capital raise, which has increased market sensitivity to news headlines, despite official denials. The analysts at QCP expect Bitcoin to remain within its current trading range in the short-term. Once the Bitcoin Conference concludes and headline risk subsides, they anticipate a reduction in implied volatility as market risk premiums compress.