BlockBeats News, May 23rd, QCP released its daily market observation, stating that Bitcoin hit a new high during the Asian trading session, surpassing $111,500. Currently, Bitcoin has entered a price discovery phase, with its trend sharply contrasting with gold, which stalled around $3,300 per ounce and failed to break its previous high. Although short-term volatility may occur, the short-end implied volatility remains stable at a high level below 50%. Despite the high volatility, in the current context of tight liquidity and low open interest, this is reasonable. This round of increase is more structurally based than the previous one, with less speculative sentiment and stronger fundamental support.

After Bitcoin initially touched its all-time high and experienced a slight pullback, some put option profit-taking occurred, but the market quickly rebuilt its upward momentum. The most notable of these was the purchase of as many as 1,000 contracts of $130,000 call options expiring in September. This is a convex, low-cost bullish strategy used to express a bullish view of the market breakout.

The broader market background continues to lean bullish. On the one hand, the U.S. regulatory environment is becoming more relaxed; on the other hand, institutional funds continue to flow in through ETFs and direct spot allocation, creating structural demand. Meanwhile, Strategy's issuance of $2.1 billion perpetual preferred stock (STRF) with an annual interest rate of 10%, the funds raised will be used to further purchase Bitcoin, which may also provide additional impetus for price appreciation.