QCP: Institutional optimism continues, and the Fed’s upcoming economic data may increase BTC volatility

QCP posted on its official channel that BTC recently rose to over $97,000, but then fell back to over $95,000. The pullback coincided with the news that the US government transferred 10,000 BTC related to Silk Road (worth about $963 million at the time of the transfer). After this transfer, the front-end volatility curve tilted further towards put options. In terms of institutional demand, optimism continues. Spot ETFs recorded another $350 million in inflows yesterday, while MARA Holdings followed MicroStrategy's footsteps and bought $618 million worth of BTC in the past two months. Other crypto mining companies such as RiotPlatform are increasingly likely to stop selling BTC, and some of them are considering expanding their holdings. The news that Microsoft is considering holding BTC highlights the growing interest of more companies in Bitcoin as a reserve asset. At the same time, US stocks continue to set new records, with the S&P 500 reaching its 54th all-time high this year. Several Fed officials have signaled a preference for lower borrowing costs at the next meeting, though that depends on incoming economic data, which could add volatility to the event window.