OVI: Options Market Sentiment Indicates Optimism, This Week's Macroeconomic Data and Corporate Earnings Will Affect Bitcoin's Trend

On April 28th, QCP Capital released its daily market analysis, stating, "Last week, we emphasized the significance of monitoring the correlation among Bitcoin, gold, and the stock market. Initially, as the stock market declined, Bitcoin rose in tandem with gold, indicating that a robust stock market is not a prerequisite for Bitcoin's ascent. Midweek, Bitcoin witnessed a reversal, beginning to decouple from the gold trend and instead rising in harmony with the stock market, mainly influenced by news related to '21 Capital.' This oscillation between safe-haven assets and risk assets suggests that the traditional correlation analysis framework is no longer fully applicable. Market participants are now more concentrated on the sustainability of Bitcoin's 'constantly upward' trend." The options market appears to recognize this optimistic outlook. The buying volume of call options remains elevated, with more than 500 contracts of $104,000 call options expiring on May 30, 2025, and 800 contracts of $135,000 call options expiring on June 27, 2025, being traded last Friday. This round of Bitcoin's rise is fundamentally more stable compared to previous cycles. The surge is not driven by speculative leverage but rather by the acceptance from traditional financial institutions. The perpetual contract funding rate remains stable or slightly negative, and Bitcoin spot ETF has witnessed net inflows for six consecutive days, amounting to $3.1 billion." However, the sustainability of Bitcoin's upward trend will encounter several key tests this week. Important macroeconomic data and corporate earnings reports may prove to be crucial factors in determining whether Bitcoin's 'only upward' trend persists."