[Analysis: Bitcoin's recent surge driven by capital inflows, tonight's non-farm payroll report is a key test] The QCP report pointed out that Bitcoin broke out of its range and rose to $86,913, the highest since September 23, marking a 14.6% increase from the low on September 15. However, the backdrop of this rise shows divergence: the 30-year U.S. Treasury yield reached 5.62%, while the 10-year yield briefly hit 5.29%. Gold experienced its worst month of the year. In September, real interest rates rose by 44 basis points, and the breakeven inflation rate showed almost no change, indicating that this is not an inflation shock but rather driven by stronger growth expectations, a large supply of Treasury bonds, and weak auction demand, pushing the market to clear at higher real yields. Gold followed the real interest rate signal and fell 8.5%, while Bitcoin rose 12%. QCP believes this indicates a concentrated capital flow trade, with the asset benefiting from both new regulatory catalysts and favorable technical factors. Spot ETFs saw inflows of $3.5 billion and $2.6 billion in August and September, respectively.