[QCP Capital: Bitcoin's Rise Did Not Rely on Institutional Funds, No Signs of Whale Sell-Off] On October 6, QCP Capital stated that Bitcoin surpassed $125,000 over the weekend, and this rise did not rely on institutional funds, indicating strong non-institutional demand. Unlike the previous breakthrough at $123,000, this round has not seen concentrated sell-offs by whales, which may suggest that large holders have completed rotations or are holding coins in anticipation of further gains. Currently, perpetual contract funding rates are elevated, but the widening basis between spot and futures prices poses a risk of a sharp market drop.