QCP Capital released a research report saying that Bitcoin continued to surge to record highs. Despite setting new highs, volatility did not react significantly due to the large profit taking of long-term call options. This means that the market is fully prepared for this rally. Perpetual contract funding rates are very high, and basis gains have reached a seven-month high. Although still structurally bullish, it is cautious about any pullback, especially from leveraged clearing. Historically, such sharp increases in basis gains do not usually last for too long. In the short term, expect the cash market to oscillate around these levels, and volatility may subside.