QCP Capital stated in an official post that Bitcoin has continued to rise strongly recently, with the price breaking through $122,000, setting a new high. Technical breakthroughs and significant inflows of institutional capital have become the main driving forces. The Crypto Fear and Greed Index has risen from 40 to 70 in three weeks, indicating that market sentiment has quickly shifted from fear to greed. Data shows that last week, the net inflow of spot Bitcoin ETFs exceeded $2 billion, demonstrating strong institutional participation. Meanwhile, the leverage long positions in perpetual contracts continue to increase, with funding rates nearing 30%, and the total amount of open contracts has surpassed $43 billion, marking one of the highest levels this year. The options market is showing relatively rational behavior. Despite the continuous rise in spot prices, implied volatility has seen moderate increases, reflecting a more mature market. The one-month risk reversal trend is stable, with increased demand for call options in September and December, indicating that the market tends to hedge against short-term volatility while maintaining a bullish outlook for the medium to long term. Although Bitcoin's performance is strong, in the context of high funding rates and existing liquidation risks, caution is needed in chasing prices, and positioning for a pullback may be a better strategy.
