QCP Capital posted an analysis saying that it is currently seeing a typical quarter-end post-expiration volatility sell-off. Although Bitcoin is consolidating near the bottom of the single-month range, BTC and ETH have performed well in the fourth quarter: BTC is up 48% and ETH is up 30%. However, it may be a bit too early to summarize the quarter. Just yesterday, Michael Saylor once again hinted at another round of upcoming purchases that could further support the price. Despite the possibility of another round of purchases, it is skeptical of any new year move, especially with good funding conditions. January's average return (+ 3.3%) was relatively similar to December's (+ 4.8%), with spot prices expected to stay within this range in the short term before things start to improve from February. Options flow reflects similar sentiment, with lower front-end volatility and risk reversals most bullish for March call buying, in part due to the large March (120k-130k) call purchases last Friday.