QCP: The shitcoin's longs may already be fully loaded, with any new USD inflows only flowing into Bitcoin

BlockBeats News, February 25th, QCP Asia released the February 25th Market Observation, the specific content is as follows: "Bitcoin finally broke out of its range-bound trading, dropping below $90,000 for the first time in a month, currently hovering below that level, triggering over $200 million in liquidations in the past few hours.

Following Trump's decision to impose tariffs on Canada and Mexico and restrict Chinese investments, market sentiment remains under pressure. As the Bitcoin price declines, short-term options hedging activities have increased, with 1-month implied volatility now back up to 50, while option skew interestingly remains relatively unchanged.

From a more macro perspective, despite data that was previously thought to lead to a broader market softness, the stock, fixed income, and gold markets have largely absorbed these impacts, while Bitcoin remains range-bound. The increasing Bitcoin dominance and the decline in altcoin prices suggest that altcoin bulls may be fully positioned, with any additional US dollar inflows only flowing into Bitcoin.

We remain cautious. Recent Bitcoin demand has been primarily driven by institutions such as MicroStrategy and Metaplanet, which finance themselves through the issuance of stock-linked notes. Considering that over the past 14 months, cryptocurrency-related issuances have accounted for about 19% of total issuances, such financing markets may be nearing saturation—which could dampen future performance."