QCP: Bitcoin has faced three consecutive Fridays of dumping, but the overall structural pump trend has not been broken.

On August 4, QCP released its daily market analysis stating: Bitcoin faced its third consecutive Friday of dumping, with prices testing the support level of $112,000 at one point, leading to over $1 billion in leveraged long positions getting liquidated across the market since last Friday. This sharp decline occurred against the backdrop of rising "risk aversion" in the traditional market, primarily due to: U.S. employment data falling short of expectations and a new round of tariff policies from Washington. These factors collectively caused the U.S. stock market and the crypto market to decline in sync, prompting investors to reassess the outlook for global growth and liquidity. Despite the market pullback, the overall structural bullish trend remains intact. Bitcoin's monthly Closing Price for July reached a historical high, and this decline appears more like a corrective pullback rather than a capitulation-type dumping. Historical experience suggests that such pullbacks often serve to squeeze out excessive leverage and accumulate momentum for the next rise. More importantly, from a macro and structural perspective, there are still favorable support factors: the regulatory framework is becoming clearer, the integration of stablecoins is accelerating, and the advancement of institutional-level tokenization projects continues to strengthen the long-term fundamental logic of the crypto market. Last night, the market showed significant interest in the BTC bullish call fly expiring on August 29, with exercise prices of $118k / $124k / $126k, indicating that some investors are betting on a rebound, aiming for $124k (above the historical peak). Although the put skew for short-term put options remains high, it has not yet reached a level of "full panic"—if the Bitcoin price regains $115k, this indicator is expected to return to normal.