BlockBeats News, June 4th. QCP released today's market report, and the unexpectedly strong increase in job positions boosted risk sentiment, preparing for the key Friday non-farm payroll data release, with the S&P 500 index gradually approaching the psychologically important 6,000 point mark. Stable non-farm payroll data will reinforce the Fed's narrative about labor market resilience, further strengthening expectations of unchanged interest rates.

On the trade front, the market remains cautious ahead of the US-China talks. Bitcoin's front-end volatility has eased, with spot prices stabilizing around the familiar $105,000; the 1-month implied volatility has slipped below 40. Bitcoin continues to trade within a range, with light open interest, and normalized skewness indicating a lack of directional conviction. Since May, the volatility curve has flattened from the mid to back end, reflecting a VIX-like decline, prompting opportunistic long volatility trades. It is worth noting that a September $130,000 call option was bought at a 47 volatility, showing localized bullish interest for the third quarter.

Looking ahead, the third quarter may be more challenging. Tariff-related effects may begin to seep into macro data, and fiscal risks surrounding the "Build Back Better Act" (BBB) and the debt ceiling could bring headline news volatility. In the absence of clear catalysts, Bitcoin is unlikely to significantly break out of the current range.