QCP released a weekly summary saying that this week has been an exciting one for cryptocurrencies. BTC rallied 10.48% to reach a high of $69,000 and the psychological mark of $70,000 is just around the corner. There is no major macro data to act as resistance next week.
BTC ETF inflows have been impressive this week. As of Friday, ETF inflows reached $203.30 million and have shown a net inflow trend for 6 consecutive days. The continued inflow of ETFs indicates that institutional demand remains strong. With the SEC approving the listing of Bitcoin ETF options on the New York Stock Exchange (NYSE) this morning, I believe this will provide ETFs with the liquidity they need to attract sustainable inflows.
Bitcoin's market share is currently at a multi-year high of 58%, a level last seen in April 2021. As it approaches the key resistance level of 60%, we believe this will set the stage for a strong recovery for the L1 token.
With the US stock market near all-time highs and the yen continuing to weaken, risk appetite will only strengthen further as the US election approaches. This will drive risk assets higher and support the "Up◡" rally narrative.
QCP: The increase in bitcoin's market share lays the foundation for the recovery of the L1 public chain, and the US election has further strengthened risk appetite
2024-10-19 08:51:29
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