QCP: Bitcoin's current upward trend has less speculative sentiment, and the market's structural bullish sentiment has increased

According to BlockBeats, on May 23rd, QCP released a daily market observation stating that Bitcoin reached a new high during the Asian trading session, breaking through $111500. At present, Bitcoin has firmly entered the stage of price exploration, and its trend is in sharp contrast to gold, which has stopped near $3300 per ounce and failed to break through its previous high. Although there may be fluctuations in the short term, the short-term implied volatility remains stable at a high level below 50%. Although the volatility is high, it is reasonable in the current context of tight liquidity and low open interest. This round of rise has a more structural foundation than the previous one, with less speculative sentiment and stronger fundamental support. After Bitcoin first hit a historical high, there was a slight correction that triggered some put options to take profits, but the market quickly regained momentum. The most notable one is the $130000 call option that expires in September, with as many as 1000 contracts being bought. This is a low-cost long position with convexity, used to express market breakthrough views. The broader market background continues to lean towards bulls. On the one hand, the regulatory environment in the United States is becoming more relaxed; On the other hand, the continuous inflow of funds directly allocated by institutions through ETFs and spot trading is forming structural demand. Meanwhile, the $2.1 billion perpetual preferred stock (STRF) issued by Strategy with an annual interest rate of 10% will raise funds for further purchases of Bitcoin, which may also provide additional impetus for price increases.