QCP: Bitcoin's momentum is strong and it has surpassed $122,000, driven by institutional demand

News: QCP Asia stated in its latest market brief that Bitcoin has continued to rise, breaking through $122,000, and the market has significantly underestimated the momentum of this parabolic trend. This rally is driven by key technical breakthroughs and surging institutional demand. The crypto fear and greed index has jumped from 40 to 70 within three weeks, rapidly shifting sentiment from "fear" to "greed". QCP noted that last week, Bitcoin spot ETF net inflows exceeded $2 billion, indicating strong institutional entry. In the derivatives market, leveraged long positions have significantly increased, with perpetual contract funding rates approaching 30% and total open interest breaking $43 billion, close to the level when BTC returned to $100,000 in January. Although the short-term top remains unclear, options market data shows that short-term implied volatility has risen but remains below last year's average, reflecting a maturing market. Continued strong demand for call options in September and December suggests that some traders maintain a long-term optimistic outlook while remaining cautious about short-term fluctuations. QCP maintains a structural bullish view but tends to strategically position during potential pullbacks rather than blindly chasing the rally at current prices.