ChainCatcher Message, QCP Capital's latest analysis reveals interesting dynamics in the Bitcoin market. Due to thin liquidity, there has been a noticeable gap in the BTC spot market, and the recent rebound has been constrained by ongoing selling pressure 📉.

Since last December, there has been a net outflow of $1.8 billion from spot ETFs, and MicroStrategy's BTC purchases have also significantly slowed down, reflecting the weak market sentiment, consistent with the performance of the S&P 500 and Nasdaq 📊. Nevertheless, BTC has risen 120% by the end of the year, outperforming global stocks and gold 🏆.

Looking ahead to 2025, adjustments in institutional asset allocation could become a key catalyst, driving widespread adoption of BTC among various institutions, which is expected to stabilize spot volatility and increase demand for hedging and selling call options 📈.