QCP posted on its official channel that BTC recently rose to over $97,000, but then fell back to over $95,000. This 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.
On the institutional demand side, optimism continues. Spot ETFs recorded another $350 million in inflows yesterday, while MARA Holdings followed MicroStrategy's lead by purchasing $618 million worth of BTC in the past two months. Other crypto mining companies, such as RiotPlatform, are increasingly likely to stop selling BTC, with some of them considering expanding their holdings. The news that Microsoft is considering holding BTC highlights the growing interest of companies in Bitcoin as a reserve asset.
At the same time, the US stock market continues to set new records, with the S&P 500 index reaching its 54th all-time high this year. Several Federal Reserve officials have hinted at a tendency to lower borrowing costs at the next meeting, although this depends on upcoming economic data, which may increase volatility during the event window.

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