QCP: Bitcoin's momentum is strong and it has surpassed $122,000, driven by institutional demand

Odaily Planet Daily News QCP Asia said in the latest market briefing that Bitcoin has continued to rise and has exceeded $122,000. The market has clearly underestimated the strength of this parabolic market. This round of rise is driven by key technical breakthroughs and a surge in institutional demand. The Crypto Fear and Greed Index jumped from 40 to 70 in three weeks, and the sentiment quickly shifted from "fear" to "greed". QCP pointed out that the net inflow of Bitcoin spot ETFs exceeded US$2 billion last week, indicating that institutional entry is strong. In the derivatives market, leveraged long positions have increased significantly, the perpetual contract funding rate is close to 30%, and the total open interest has exceeded US$43 billion, close to the level when BTC returned to US$100,000 in January. Although the short-term top is not clear, options market data shows that short-term implied volatility has risen but is still lower than last year's average, reflecting that the market is maturing. The demand for call options in September and December continues to be strong, indicating that some traders tend to be wary of short-term fluctuations while holding optimistic expectations in the long term. QCP said that although it maintains a structural bullish view, it tends to choose opportunities to deploy in potential corrections at the current price rather than blindly chasing the rise.