According to news from CoinWorld, on May 23, QCP released a daily market observation stating that Bitcoin reached a new high during the Asian trading session, breaking through $111,500. Bitcoin has now entered a price discovery phase, with its trend sharply contrasting with gold, which has stalled around $3,300 per ounce and failed to break its previous high. Although there may be fluctuations in the short term, the short-term implied volatility remains stable at a high level below 50%. Despite the high volatility, this is reasonable given the current tight liquidity and low open interest. This round of increase has a more structural foundation than the previous one, with less speculative sentiment and stronger fundamental support. After Bitcoin initially touched its historical high, a slight pullback occurred, triggering some put option profit-taking, but the market quickly rebuilt upward momentum. Most notably, there are call options expiring in September for $130,000, with up to 1,000 contracts being bought. This is a convex, low-cost way to go long and express a market breakout view. The broader market context continues to favor bulls. On one hand, the regulatory environment in the U.S. is becoming more relaxed; on the other hand, funds flowing into institutions through ETFs and direct spot allocations are creating structural demand. At the same time, Strategy has issued $2.1 billion of perpetual preferred shares (STRF) with an annual interest rate of 10%, and the funds raised will be used to further purchase Bitcoin, which may also provide additional momentum for price increases.

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