PANews reported on February 25 that QCP Asia released its latest market observations, the specific content of which is as follows: “Bitcoin has finally broken out of the range and fell below $90,000 for the first time in a month. It is currently hovering below this level, triggering more than $200 million in liquidations in the past few hours.

Sentiment remains under pressure following Trump’s decision to impose tariffs on Canada and Mexico and restrict Chinese investment. As Bitcoin prices move lower, short-term options hedging activity has increased, with 1-month implied volatility now back above 50, while options skewness interestingly remains largely unchanged.

From a broader perspective, despite the data that was previously seen as causing weakness in the broader market, the stock, fixed income and gold markets have largely digested these impacts, while Bitcoin has remained sideways. The increase in Bitcoin's market capitalization share and the decline in altcoin prices indicate that altcoin bulls may have been fully invested, and any new US dollar inflows will only flow into Bitcoin.

We remain cautious. Recent demand for Bitcoin has been driven primarily by institutions such as MicroStrategy and Metaplanet, which have raised capital through the issuance of equity-linked notes. Given that crypto-related issuance has accounted for about 19% of total issuance over the past 14 months, the market for such financing may be close to saturation - which could dampen (future performance).”