According to a recent report by QCP on October 19, the cryptocurrency market has experienced a significant surge. Bitcoin (BTC) saw an impressive climb of 10.48%, reaching a peak of $69,000, positioning itself near the psychological threshold of $70,000. With no significant macroeconomic indicators expected to act as resistance in the coming week, bullish sentiment persists. Additionally, Bitcoin ETFs registered substantial inflows, totaling $203.3 million by Friday, marking a consistent net inflow trend over the past six days. This robust demand underscores the growing interest from institutional investors.
The recent approval by the US SEC for Bitcoin ETF options to be listed on the New York Stock Exchange (NYSE) is anticipated to enhance liquidity, further attracting stable capital inflows. Presently, Bitcoin commands a market share of 58%, the highest since April 2021. Should it breach the vital 60% resistance level, a notable recovery in layer 1 blockchain (L1) tokens may follow. As US stocks hover near record highs and the yen continues to depreciate, investor risk appetite is likely to increase, fostering the momentum for an “Uptober” rally, particularly as the US election approaches.