QCP Capital: Bitcoin may remain volatile at current levels in the short term

QCP Capital released a research report saying that Bitcoin continues to soar to all-time highs. Despite the new highs, volatility has not reacted significantly due to large-scale profit-taking of profits from long-term call options. This means that the market is well prepared for this wave of increases. The financing rate of perpetual contracts is very high, and the basis yield has also reached a 7-month high. Although it remains structurally bullish, it remains cautious about any pullbacks, especially those from leveraged liquidations. Historically, such sharp increases in basis yields do not usually last too long. In the short term, the spot market is expected to fluctuate around these levels, and volatility may weaken.