QCP Capital: Bitcoin rally driven by spot funds, market structure still remains fragile

According to QCP Capital analysis, BTC has broken through the range of 82500 to 85700 US dollars, hitting 86913 US dollars during trading and currently trading at 85900 US dollars, up 14.6% from the low of 74968 US dollars. This round of increase is driven by spot funds, with an annualized funding rate of only 5.4% for perpetual contracts. The US Bitcoin spot ETF had net inflows of $3.5 billion and $2.6 billion in August and September, respectively. The nominal amount of the options market yesterday was about $250 million, involving 54 block trades exceeding $5 million. A client sold 4000 call options with an exercise price of $90000 expiring on October 30th, for a nominal amount of $346 million, and bought an option with the same price expiring on November 27th. QCP Capital believes that the market is driven by capital flows and positions, and macro risks have not yet been eliminated. (Source: QCP Capital)