QCP said in a post on its official channel that BTC recently rose above $97,000, but then fell back above $95,000. The pullback coincided with news of the US government's transfer of 10,000 BTC related to Silk Road, worth around $963 million at the time of the transfer. After this transfer, the front-end volatility curve further tilted towards put options.
On the institutional demand side, optimism persists. Spot ETFs recorded another $350 million in inflows yesterday, while MARA Holdings has followed MicroStrategy's lead in buying $618 million worth of BTC over the past two months. Other crypto mining companies such as RiotPlatform are increasingly likely to halt the BTC sell-off, and some of them are considering expanding their holdings. Overlaying the news that Microsoft is considering holding BTC highlights the growing corporate interest in Bitcoin as a reserve asset.
Meanwhile, U.S. stocks continued to set new records, with the Standard & Poor's 500 index hitting its 54th all-time high this year. Several Federal Reserve officials hinted at a preference for lowering borrowing costs at their next meeting, although this depends on upcoming economic data, which could increase volatility in the event window.
QCP: Institutional optimism persists, and upcoming economic data from the Federal Reserve could boost BTC volatility
2024-12-03 10:20:50
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