QCP Asia Colour – 23 June 2025 Make Volatility Great Again? BTC briefly dipped below $100k on Sunday, falling 6% to a low of $98.2k. This marked its lowest print since breaching the $100k psychological level on 8 May. The selloff extended across major altcoins, catalyzed by Iran’s threat to shut the Strait of Hormuz, a move that would severely disrupt global oil flows. BTC’s reclaim of $100k this morning suggests that the weekend drawdown was macro-driven, with investors turning to crypto as a hedge while awaiting equity futures to open. The move was amplified by thin liquidity conditions, triggering over $1 billion in liquidations across the market. While Iran has vowed retaliation, markets appear to be discounting the likelihood of a major escalation. The US is pressuring China diplomatically to rein in Tehran, and that geopolitical backchanneling seems to be having a calming effect. Put skew remains elevated through September, but the strong spot bounce and compression in frontend vols signal that investors…