According to TechFlow, on December 24, QCP Capital's latest analysis pointed out that the price of Bitcoin retreated 14% from its record high last week to $92,500, and then rebounded to $95,000. Spot ETFs have experienced capital outflows for three consecutive days, market sentiment has become cautious, and liquidity has gradually dried up at the end of the year.
Previously, MicroStrategy increased its holdings of Bitcoin by $561 million at an average price of $106,662, marking the seventh consecutive week of purchases, but the scale of this purchase hit a recent low, raising questions about its willingness to buy at high levels. Despite the price drop, front-end volatility remained low, and there was no obvious gamma hedging demand in the market. As Friday's large-scale options expire, the volatility butterfly spread remained at a high of +2.0, indicating that the market has not yet stabilized.
QCP Capital reminds that during periods of shortened trading hours or market closures in traditional markets, the 24/7 trading nature of Bitcoin may become a key channel for the market's response to significant events, advising investors to be wary of potential gap markets.
