QCP Capital: BTC will remain in the $112,000–120,000 range

QCP Capital stated that due to BTC falling from $118,000 to $115,000 and ETH dropping to $4,300, over $400 million in long positions were liquidated overnight, continuing last week's 5% correction trend and the DeFi leverage liquidation wave (over $1 billion). The funding rate turning negative and risk reversal shifting to bearish reflect the market's clear de-risking operations before this week's Jackson Hole meeting. Nevertheless, Metaplanet added 775 BTC over the weekend, with corporate buying remaining active. Implied volatility remains low, with the market expecting BTC to oscillate in the $112,000–$120,000 range.