Those who want to purchase Bitcoin (BTC) or Ethereum (ETH), according to cryptocurrency trading firm QCP Capital, should build up long positions in this consolidating market.

The cryptocurrency trading company QCP Capital said on Friday that if you're still an optimistic believer, this would be the ideal opportunity to build up your long positions in Bitcoin and Ethereum.

For a huge rally this year, the values of Bitcoin and Ethereum are consolidating at $63,000 and $3,100, respectively. Despite volatile prices, Santiment revealed that the number of active Bitcoin wallets is rapidly increasing.

The Decline of Bitcoin and Ethereum Raises Concerns

The performance of the prices of Ethereum (ETH) and Bitcoin (ETH) after its halves sparked concerns about whether the market has lost faith in the long-term bull run or if this is merely a temporary lull.

Singapore-based digital asset manager QCP Capital trading company, in a new trade idea on April 27 noted the volumes in Bitcoin and Ethereum options have compressed drastically.

This week, heavy selling of BTC options has seen the vol curve collapse, with Bitcoin vols further compressing from 70% to 50%.

The company added that if people are looking to buy BTC and ETH, then this consolidating market is the best time to accumulate longs.

Other the other side, the downside skew in Ethereum (ETH) risk reversals has also dropped further to -13%, said QCP Capital. This could be due to recent reports of SEC possibly denying or further delaying spot Ether ETF.

According to people familiar with the matter, the SEC and its staff have shown no interest in the spot Ether ETF and its potential. Four people who participated said the discussions were one-sided.

Spot Bitcoin and Ether ETF to Go Live in Hong Kong On April 30, Spot Bitcoin and Ether ETFs will start trading in Hong Kong.

Next week, when the Hong Kong financial sector joins other financial markets like the U.S. and Europe in investing in spot Bitcoin ETFs, QCP Capital believes this might be a very beneficial trigger.

Experts anticipate a market response akin to that of the US, when institutional investors made large purchases. According to QCP Capital, there is increasing interest in what might be a gateway for the inflow of institutional capital from Asia.

For options traders, QCP Capital recommends the BTC Accumulator and ETH Accumulator strategies, which involve a weekly buying call at a discount to the spot prices of ETH and BTC.

The price is currently trading below $63,000 over the past day. In the meantime, the price of ETH is currently trading at $3,116, down over 1% over the last day.