QCP： The long positions of altcoins may be full, and any new US dollar funds may only flow into Bitcoin

According to BlockBeats, on February 25th, QCP Asia released its market observations for February 25th, which are as follows: "Bitcoin has finally broken through the range oscillation, falling below $90000 for the first time in a month and currently hovering below that level, triggering liquidation of over $200 million in the past few hours. Following Trump's decision to impose tariffs on Canada and Mexico and restrict Chinese investment, market sentiment continues to be under pressure. As the price of Bitcoin declines and short-term option hedging activities increase, the implied volatility of the one month term has now rebounded to 50, while the option skewness interestingly remains relatively unchanged. From a more macro perspective, despite the emergence of data previously believed to have led to broader market weakness, the stock, fixed income, and gold markets have largely absorbed these impacts, while Bitcoin remains sideways. The increase in the proportion of Bitcoin market value and the decline in the price of altcoins indicate that the long positions of altcoins may be full, and any new inflow of US dollar funds will only flow into Bitcoin. We maintain a cautious attitude. Recently, the demand for Bitcoin has mainly been driven by institutions such as Micro Strategy and Metaplanet, which raise funds through issuing equity linked notes. Considering that cryptocurrency related issuances have accounted for approximately 19% of total issuances in the past 14 months, this type of financing market may be approaching saturation - which could dampen future performance