According to BlockBeats, QCP Capital pointed out in its market analysis on April 28 that the correlation between Bitcoin and gold, as well as the stock market, has changed. Initially, Bitcoin rose in sync with gold, but this week it started to rise in sync with the stock market, influenced by news from '21 Capital'.
This change indicates that the traditional correlation analysis framework is no longer fully applicable. Market participants are focused on the durability of Bitcoin's 'only up' trend. The options market saw a high volume of call options purchases, with over 500 contracts for $104,000 call options expiring on May 30, 2025, and 800 contracts for $135,000 call options expiring on June 27, 2025, traded last Friday.
Bitcoin's rise is driven by adoption by traditional financial institutions and non-speculative leverage. The perpetual contract funding rate is stable or slightly negative, and Bitcoin spot ETFs have seen net inflows for six consecutive days, totaling $3.1 billion. This week's important macroeconomic data and corporate earnings reports will test the sustainability of Bitcoin's upward trend.
