QCP Capital: BTC's recent price increase was not driven by a significant inflow of institutional funds, and there was no noticeable whale dumping behavior.

BlockBeats News, October 6th, QCP Capital posted on social media, stating that Bitcoin continued its record-breaking rally, breaking through $125,000 during a weekend period of low liquidity, with this rally not relying on a significant amount of institutional funds.

This rally indicates that even at a high level, Bitcoin still has strong non-institutional demand. Unlike the previous two breakouts above $123,000, the market did not see the phenomenon of large wallets concentrating selling the next day. This may indicate that large holders have completed asset rotation or are holding coins waiting for the October breakout.

The current main venue perpetual contract funding rates remain high: Deribit at 35%, Hyperliquid at 29%, indicating an aggressive market positioning. However, the basis continues to widen, increasing the risk of a sharp drop—as seen two weeks ago when nearly $3 billion in long positions were liquidated, creating an excellent entry opportunity for institutions.