QCP Capital: A pivotal catalyst is needed to reignite momentum toward the 100k level

Bitcoin was rocked by $1.5 billion in long liquidations, plunging 3,000 points before rebounding off the critical 95k support. It now consolidates around 97-98k, leaving altcoins in its wake.

Yet, BTC and ETH spot ETFs are on an impressive streak, posting 8 and 11 consecutive days of net inflows, respectively. Riot Platforms is emulating MicroStrategy’s playbook by issuing $500 million in convertible notes to buy Bitcoin. With a 0% coupon and strong demand, can anyone afford to stay on the sidelines?

Microsoft shareholders vote today on adding BTC to the balance sheet—a potential surprise to the topside if approved, despite the board’s recommendation against it. Adding to the intrigue, Amazon shareholders reportedly push for Bitcoin adoption as a reserve asset.

With inflation data due, macro volatility has eased slightly amid political stability in France and Korea, while Asia rallies on China’s stimulus promises. BTC and ETH front-end vols remain elevated, skewed toward puts. A pivotal catalyst is needed to reignite momentum toward the 100k level.