QCP: Bitcoin hit a new all-time high last week, but non-institutional demand remains strong

QCP released a research report pointing out that last weekend Bitcoin broke through the $125,000 mark, reaching a historic high, continuing to rise without ETF fund inflows or institutional support. Despite rising financing rates and signs of overheating, non-institutional demand remains strong, and whales seem to be holding steady rather than taking profits. The U.S. government shutdown reignited Bitcoin's safe-haven properties, and bullish seasonal factors may continue to drive market momentum. However, with rising leverage ratios and institutional fund inflows being crucial, it is still worth paying attention to whether Bitcoin can maintain the momentum it had in October.