QCP Capital: BTC may remain at the current level of fluctuation in the short term

ChainCatcher message, QCP Capital released a research report stating that Bitcoin continues to soar to new all-time highs. Despite reaching new highs, volatility has not significantly reacted due to large-scale profit-taking from long-term bullish options. This indicates that the market is well-prepared for this upward movement. The funding rate for perpetual contracts is very high, and the basis yield has also reached its highest point in 7 months.

Although maintaining a structurally bullish outlook, caution is advised for any pullbacks, especially those stemming from leveraged liquidations. Historically, such a sharp increase in basis yield does not usually last long. In the short term, the spot market is expected to oscillate around these levels, with volatility likely to diminish.