QCP Asia Colour - 12 November 24 Since the election, gold has declined by 5% while Bitcoin has surged by 30%, signaling a shift as Bitcoin gains traction as "digital gold." This movement appears increasingly structural, with capital reallocating from traditional safe havens like gold into BTC. Bitcoin’s market cap, now at $1.73 trillion, recently surpassed that of silver but remains well below gold's $17.5 trillion. If even 1% of capital from gold were to flow into BTC, it could propel Bitcoin to around $97k, highlighting the potential upside as this narrative continues to solidify. With BTC just below the critical $90k level, the end-November basis has surged to over 18%, accompanied by strong interest in far-out calls at 110k and 120k strikes. This trend points to heightened demand for margin and leverage as investors position for further breakout potential.