QCP Capital: Bitcoin may maintain its current level fluctuations in the short term

QCP Capital released a research report stating that Bitcoin continues to soar to new historical highs. Despite setting new records, the volatility has not significantly reacted due to large-scale profit-taking from long-term bullish options. This means the market was fully prepared for this surge. The financing rate of perpetual contracts is very high, and basis returns have reached their highest point in 7 months. Although still maintaining structural bullishness, caution is advised against any pullbacks, especially those resulting from leveraged liquidations. Historically, such sharp increases in basis returns usually do not last too long. In the short term, it is expected that the spot market will fluctuate around these levels and volatility may decrease.