TechFlow reports that on November 11, QCP Capital released a research report stating, "Bitcoin continues to surge to new all-time highs. Despite reaching fresh highs, volatility has not reacted significantly due to large-scale profit-taking in long-dated call options. This suggests the market was well-prepared for this rally. With Bitcoin breaking through key resistance levels and months-long consolidation ranges, the market is undoubtedly in a state of euphoria. Funding rates in perpetual contracts are extremely high, and basis yields have reached their highest level in seven months. While we remain structurally bullish, we are cautious about potential pullbacks, especially those triggered by leveraged liquidations. Historically, such sharp increases in basis yield do not last for extended periods. In the short term, we expect spot markets to consolidate around these levels with potentially reduced volatility, although we continue to await key macro events this week: U.S. CPI (Wednesday), U.S. PPI (Thursday), and Powell's speech (Friday), which may provide clearer guidance on the anticipated 25-basis-point rate cut expected in December."
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