ATH Again and Again

Bitcoin surged to another all-time high at $109.6K during the U.S. equity open, before retreating alongside risk assets in the wake of a weak $16B 20-year Treasury auction, which cleared above 5%. Yet BTC’s resilience proved exceptional. It mounted a sharp V-shaped recovery, notching a fresh high above $111.5K during Asia trading hours.

Now firmly in price discovery mode, BTC’s trajectory diverges sharply from gold, which has stalled at a lower high near $3,300/oz. While some near-term volatility is likely, front-end implied vols remain well supported just below 50v. Elevated, yes, but justifiable given the current mix of thin liquidity and lighter open interest as markets navigate unfamiliar terrain. Encouragingly, this rally feels more structurally robust than the last, with less frothy momentum-chasing and stronger fundamental underpinnings.

Options Market Signals: Topside Interest Rebuilds

The brief dip following BTC’s initial ATH triggered put-side profit-taking, but buyers were quick to reload on the upside. Most notably, 1,000 contracts of the September 130K call were swept up. A cost-effective vehicle for expressing a breakout thesis with convexity.

Constructive Medium-Term Setup

The broader backdrop continues to skew bullish. A more accommodating U.S. regulatory environment, coupled with persistent institutional inflows via both ETFs and direct spot allocations, is fostering structural demand. Meanwhile, Strategy’s $2.1B offering of 10% Perpetual Preferred Stock (STRF), earmarked for additional BTC acquisitions, could act as a further accelerant for price appreciation.