PANews reported on December 3rd that Singaporean crypto investment institution QCP Capital published an article today saying that since our last comment, the price of Bitcoin once exceeded $97,000, but then pulled back to hover above $95,000. This pullback coincided with reports that the US government transferred 10,000 bitcoins related to Silk Road (worth about $963 million at the time of the transfer). After this move, the front-end volatility curve further tilted towards put options rather than call options.
On the institutional demand side, optimism persists. Yesterday, the ETF recorded another $350 million in inflows, while MARA Holdings followed MicroStrategy’s lead by acquiring $618 million worth of BTC in the past two months. Other crypto mining companies, such as Riot Platform, are increasingly likely to stop selling BTC, with some even considering expanding their holdings. Coupled with the news that Microsoft is considering buying BTC, this highlights the growing interest in Bitcoin as a corporate reserve asset.
Meanwhile, stocks continue to set records, with the S&P 500 hitting its 54th all-time high this year. Several Fed members have signaled a preference for lower borrowing costs at their next meeting, though that depends on incoming economic data — news that could add volatility to markets during the meeting window.
