QCP Capital: Bitcoin shows resilience against macroeconomic pressures

Singapore based cryptocurrency investment firm QCP Capital has issued a statement stating that Bitcoin has demonstrated resilience against macroeconomic pressures. Despite Moody's downgrade of the US credit rating triggering safe haven sentiment in the stock market, BTC briefly broke through the $107000 mark on Sunday. The rise this time was mainly driven by the announcement by Japanese listed company Metaplanet to purchase $104 million worth of BTC and the continued increase in institutional holdings, but later fell back to the recent volatile range due to leveraged long positions closing. It is worth noting that the continuous net inflow of spot ETFs indicates stable institutional demand. During the same period, the cryptocurrency industry witnessed a landmark event: Coinbase will officially be included in the S&P 500 index tonight, which is seen as an important milestone in the mainstreaming of cryptocurrencies. This news closely follows its strategic acquisition of derivatives exchange Deribit, further strengthening the market's optimistic expectations. Data from the options market shows that despite the sideways fluctuations in spot prices, the premium of BTC call options remains in various term structures, reflecting the long-term bullish sentiment in the market.