QCP: BTC가 마침내 범위를 벗어나 한 달 만에 처음으로 90k 이하로 떨어졌고 지금은 그 수준 바로 아래에 머물고 있습니다. 트럼프가 캐나다와 멕시코에 관세를 부과하고 중국 투자를 억제하기로 결정한 이후 시장 심리는 여전히 압박을 받고 있습니다. 우리는 여전히 신중합니다. 최근 BTC 수요는 주로 주식 연계 채권 발행을 통해 자금을 조달한 마이크로스트래티지와 같은 기관에 의해 주도되었습니다. 이러한 자금 조달 시장은 포화 상태에 가까워지고 있을 수 있습니다.
https://t.me/QCPbroadcast/1415
QCP Asia Colour – 25 February 25
BTC finally broke out of its range, dipping below 90k for the first time in a month and now hovering just below that level, triggering over USD 200mm in liquidations over the past few hours.
Market sentiment remains under pressure following Trump’s decision to implement tariffs on Canada and Mexico and curb Chinese investment. Front-end gamma was covering as BTC broke lower, with 1M IV now back around 50v, while skews interestingly remain largely unchanged.
Zooming out, equities, fixed income, and gold have largely shrugged off the data points previously blamed for broader market weakness, with BTC remaining flat. Rising BTC dominance and sliding altcoin prices suggest that alt bulls may already be fully long, with any new dollar inflows going exclusively into BTC.
We remain cautious. Recent BTC demand has been driven primarily by institutions like MicroStrategy financed through equity-linked note issuances. With crypto-related issuance accounting for roughly 19% of total…
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