According to online reports, QCP Capital issued an article on the official channel saying that Bitcoin has continued to rise strongly in the near future, with its price exceeding US$122,000, setting a new high. Technological breakthroughs and large inflows of institutional funds have become the main driving forces. The Crypto Fear and Greed Index rose from 40 to 70 in three weeks, indicating that market sentiment has rapidly shifted from fear to greed. Data showed that the net inflow of spot bitcoin ETFs exceeded US$2 billion last week, and institutions are strongly willing to participate. At the same time, leveraged long positions in perpetual contracts continue to increase, with funding rates approaching 30%, and total open interest contracts exceeding US$43 billion, one of the highest levels this year. The options market performs relatively rationally. Although spot prices continued to rise, the increase in implied volatility was moderate, reflecting a more mature market. The one-month risk reversal trend is stable, and demand for call options rises in September and December, indicating that the market tends to hedge short-term fluctuations while maintaining medium-and long-term bullish expectations. Despite the strong trend of Bitcoin, in the context of high capital rates and liquidation risks, chasing gains needs to be cautious, and a pullback layout may be a better strategy.