QCP: The increase in Bitcoin market share lays the foundation for the recovery of L1 public chain, and the US election has further enhanced risk appetite

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MarsBit
3 days ago
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Here is the English translation: The news from Mars Finance states that on October 19, QCP released a weekly summary, saying that this week has been an exciting one for cryptocurrencies. BTC rose 10.48%, reaching a high of $69,000, and the psychological barrier of $70,000 is now within reach. Next week, there are no major macroeconomic data to act as resistance. The inflow of BTC ETFs this week has been considerable. As of Friday, the ETF inflow reached $203.3 million, and it has been in a net inflow trend for 6 consecutive days. The continuous inflow of ETFs indicates that institutional demand remains strong. With the SEC's approval of BTC ETF options to be listed on the New York Stock Exchange (NYSE) this morning, this is believed to provide the necessary liquidity for ETFs, attracting sustainable capital inflows. BTC's market share has now reached a multi-year high of 58%, a level last seen in April 2021. As it approaches the critical 60% resistance level, we believe this will lay the foundation for a strong rebound in Layer 1 (L1) blockchain tokens. With the US stock market nearing historical highs and the yen continuing to weaken, as the US election approaches, risk appetite sentiment will only further strengthen. This will drive the rise of risk assets and support the "Uptober" rebound narrative.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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