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 appe

Golden Finance reported that QCP released a weekly summary stating that this week was an exciting one for cryptocurrency. BTC rose by 10.48%, reaching a high point of $69,000, and the psychological barrier of $70,000 is now within reach. There are no major macro data as resistance next week.

BTC ETF had a considerable inflow this week. As of Friday, the ETF inflow reached $203.3 million, and it has shown a net inflow trend for six consecutive days. The continuous inflow of ETFs indicates that institutional demand is still strong. With the approval of Bitcoin ETF options by the US SEC on the New York Stock Exchange (NYSE) this morning, it is believed that this will provide the necessary liquidity for ETFs and attract sustainable fund inflows.

Bitcoin's market share has reached a multi-year high of 58%, the last time this level was seen was in April 2021. As it approaches the key resistance level of 60%, we believe this will lay the foundation for the strong recovery of L1 tokens.

As the US stock market approaches historical highs and the yen continues to weaken, with the US election approaching, risk appetite will only further increase. This will drive the rise of risk assets and support the narrative of the "Uptober" rebound.