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QCP Asia Colour

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Yet another milestone: BTC surged past $106,500 during early Asian hours. Short liquidations totaling approximately USD151 mm over the past 12 hours fueled the rally, as an illiquid and complacent weekend (Deribit funding briefly turned negative) market squeezed shorts on the topside.

The BTC/Gold ratio reached an all-time high during the move, amplifying Bitcoin’s status as “digital gold” and cementing its position as an increasingly favored store of value over traditional gold.

MicroStrategy’s inclusion in the Nasdaq 100 added further momentum to market sentiment, with Michael Saylor hinting at additional BTC purchases, even with spot prices above 100k. This inclusion could trigger passive fund inflows into MicroStrategy shares, indirectly enabling the company to raise funds more easily for acquiring Bitcoin.

This week’s central bank meetings seem to be mere background noise for crypto, with BTC remaining firmly sentiment-driven. While highly unlikely, an extremely dovish Fed and Powell could still provide the push Bitcoin needs to climb even higher.

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