QCP: Options market shows optimistic sentiment, institutions drive this round of BTC rally

TechFlow, April 28 — QCP Asia's latest report indicates that Bitcoin initially moved in sync with gold and decoupled from equities early last week, but later shifted to rise in tandem with stock markets, suggesting that traditional correlation frameworks are no longer meaningful. The options market shows bullish sentiment, with the call skew remaining elevated; over 500 BTC-30MAY25-104k-C and 800 BTC-27JUN25-135k-C contracts were bought on Friday. Unlike previous cycles, this Bitcoin rally is being driven by adoption from traditional financial institutions rather than speculative leverage. Perpetual contract funding rates remain flat to slightly negative, while spot Bitcoin ETFs have seen net inflows for six consecutive days, totaling $3.1 billion. This week’s key macroeconomic data and corporate earnings reports will be critical tests for whether Bitcoin can sustain its upward momentum.