Asia Colour - 28 Apr 25
1/ Last week, Bitcoin rallied alongside gold even as equities slumped, showing that a strong equity market wasn’t necessary for BTC’s ascent. With $BTC now above $90K, the narrative of Bitcoin as a hedge against political instability is gaining momentum.
2/ But is $BTC truly “digital gold”? Not quite. Midweek, $BTC pivoted — decoupling from gold and rallying with equities after headlines around "21 Capital." This flip-flopping shows that traditional correlation frameworks are becoming less reliable.
3/ Options markets are reflecting growing optimism. Call skew remains elevated, with over 500x of $BTC-30MAY25-104K-C and 800x of $BTC-27JUN25-135K-C bought just on Friday. Traders are positioning for a continued move higher.
4/ Importantly, this rally appears healthier than previous cycles. It’s driven more by TradFi adoption than speculative leverage. Spot $BTC ETFs saw $3.1B of inflows over six straight days, while perpetual funding rates stayed flat to slightly negative.
5/ However, BTC’s momentum will be tested this week. Key macro data and corporate earnings could be pivotal. Events to watch: JOLTS (Tue), US GDP + MSFT & META earnings (Wed), Unemployment Claims + AAPL & AMZN earnings (Thu), and NFP (Fri).
Read more: www.qcpgroup.com/insights/asia...
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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