PANews reported on February 20 that QCP Capital posted on the TG channel that there was strong demand for high-Delta Bitcoin call options from February to April, which may be due to short-term bullish sentiment driven by Trump's statements and speculation around potential strategic Bitcoin reserves. In addition, the 25 Delta implied volatility has shifted to a bullish tilt for call options of all maturities, indicating that the market is preparing for the second phase of the bull market. As inflation concerns ease, the S&P 500 hit a new high, and the US dollar index (DXY) fell back to the 107 level, the macro background seems to be increasingly supportive of risky assets.
Since Trump took office, altcoins have attracted widespread attention, and multiple altcoin-related ETF applications have been submitted to the U.S. Securities and Exchange Commission (SEC), including an ETF application for XRP. Notably, Brazilian regulators have approved the world's first spot XRP ETF. It is unclear whether this will provide a catalyst for Trump's ambition to position the United States as a global cryptocurrency hub and pave the way for further ETF approvals in 2025.
