PANews reported on July 14 that QCP Capital, a Singapore-based crypto investment institution, said in a statement that Bitcoin has been rising strongly, with prices soaring above $122,000, driven by technical breakthroughs and a surge in institutional demand. The Cryptocurrency Fear and Greed Index rose from 40 to 70 in three weeks, with market sentiment shifting from "fear" to "greed." Institutional investment enthusiasm is high, with net inflows of more than $2 billion in spot Bitcoin ETFs last week, indicating increased institutional participation. In the derivatives market, leveraged long positions have increased significantly, with perpetual contract funding rates approaching 30%, and open interest exceeding $43 billion, the first time since January this year.

Bitcoin prices have entered an unknown territory, and the short-term top is difficult to predict. The options market provides clues. Implied volatility has not soared with the rise in spot prices. Although the front-end volatility has risen, it is still lower than the average of last year, reflecting the maturity of the market, and the same is true for the Ethereum market. Traders may prefer to express their views with perpetual contracts due to the high cost of options. The one-month risk reversal indicator is stable, while the September and December indicators show that call options are supported by buying. Investors hedge short-term risks while maintaining long-term bullishness. In view of the high funding rate and the lessons of the February liquidation, investors remain cautious. QCP is still structurally bullish on Bitcoin, but at the current price, it is more inclined to enter the market cautiously and wait for a callback layout.