PANews reported on May 19 that QCP Capital, a Singapore-based crypto investment institution, said that Bitcoin has shown resilience under macroeconomic pressure. Despite the risk aversion in the stock market caused by Moody's downgrade of the US credit rating, BTC briefly broke through the $107,000 mark on Sunday. The rise was mainly driven by the Japanese listed company Metaplanet's announcement of the purchase of $104 million in BTC and the continued increase in institutional holdings, but then fell back to the recent range of fluctuations due to the liquidation of leveraged long positions. It is worth noting that the continued net inflow of spot ETFs shows that institutional demand is solid.

At the same time, the crypto industry ushered in a landmark event: Coinbase will be officially included in the S&P 500 index tonight, which is regarded as an important milestone in the mainstreaming of cryptocurrencies. The news follows its strategic acquisition of the derivatives exchange Deribit, further strengthening the market's optimistic expectations. Options market data shows that despite the sideways fluctuations in spot prices, BTC call option premiums remain in various maturity structures, reflecting the long-term bullish sentiment of the market.