According to online reports, QCP released a report saying that the price of Bitcoin once again hit a record high, breaking through the US$111,000 mark. Despite a general correction in risky assets caused by weak U.S. 20-year Treasury auctions, Bitcoin still showed strong resilience, completing a V-shaped rebound and hitting a new high during Asian trading hours. In sharp contrast to gold's performance, which has stagnated at $3,300 per ounce, Bitcoin has entered price discovery mode. Although market volatility is high, this round of gains is considered to be more structural support than the previous round, and speculative chasing sentiment has decreased. The options market showed increased investor confidence in the upward trend, with a large number of September 130K call options contracts being swept up. The improved regulatory environment in the United States, continued inflows of institutional funds from ETFs and direct spot allocations, and Strategy's $2.1 billion perpetual preferred stock offering (STRF) that may be used to increase its holdings of Bitcoin have provided further upward momentum for prices.