QCP: The options market shows optimistic market sentiment, and this week's macroeconomic data and corporate earnings reports will affect Bitcoin's trend

Odaily News QCP Capital said in a statement, "Last week, we emphasized the importance of monitoring the correlation between Bitcoin and gold and the stock market. Initially, as the stock market fell, Bitcoin rose along with gold, showing that a strong stock market was not a necessary condition for Bitcoin to rise. In the middle of this week, Bitcoin turned and began to deviate from the trend of gold, but rose in tandem with the stock market, mainly due to the news related to "21 Capital". This swing between safe-haven assets and risky assets shows that the traditional correlation analysis framework is no longer fully applicable. Market participants are now more concerned about the durability of Bitcoin's "only rise but not fall" trend.
The options market appears to be buying into this optimism. Call option buying remains high, with more than 500 $104,000 May 30, 2025 calls and 800 $135,000 June 27, 2025 calls traded on Friday.
This rally in Bitcoin is fundamentally healthier than in previous cycles. This rally is not driven by speculative leverage, but rather by adoption by traditional financial institutions. Perpetual contract funding rates remain flat or slightly negative, while Bitcoin spot ETFs have seen net inflows for six consecutive days, totaling $3.1 billion. However, the sustainability of Bitcoin's rally will face several key tests this week. Important macroeconomic data and corporate earnings reports may be key factors in determining whether Bitcoin's "upwards only, no downwards" trend continues. "