QCP: Bitcoin’s current rise is more driven by spot funds, with $90,000 becoming an important option position

Wu said he was informed that QCP Capital said Bitcoin broke through the consolidation range of $82,500–85,700 over the past week, once rising to $86,913, up 14.6% from the low on September 15. The BTC perpetual contract funding rate is approximately 5.4% annually, and QCP believes that this round of increases is driven more by spot funds rather than leverage. At the same time, gold fell 8.5% in September, while BTC rose about 12%. It believes that the current trend is more consistent with the combination of capital inflows, regulatory catalysis and technical improvements. U.S. spot BTC ETFs saw inflows of approximately $3.5 billion and $2.6 billion in August and September respectively. In the options market, some customers sold more than 4,000 US$90,000 call options expiring on October 30, with a nominal value of approximately US$346 million, and switched to buying options with the same strike price on November 27. QCP sees $82,500 as current support, $87,400 as the September high and significant resistance towards $90,000.