QCP: High points in US stocks, weak yen, and approaching elections will drive up risk assets

Odaily Planet Daily News: QCP has released a weekly summary stating that BTC has risen 10.48%, reaching a high of $69000, and the psychological barrier of $70000 is already within reach. There will be no major macro data as resistance next week. BTC ETF has seen significant inflows this week. As of Friday, ETF inflows reached $203.3 million and have shown a net inflow trend for six consecutive days. The continuous inflow of ETFs indicates that institutional demand remains strong. With the approval of Bitcoin ETF options for listing on the New York Stock Exchange (NYSE) by the US SEC this morning, it is believed that this will provide the necessary liquidity for ETFs and attract sustainable capital inflows. The market share of Bitcoin has reached a multi-year high of 58%, which was last seen in April 2021. As it approaches the key resistance level of 60%, we believe this will lay the foundation for a strong recovery of the first layer blockchain (L1) token. As the US stock market approaches historical highs, the yen continues to weaken, and risk appetite sentiment is only expected to further strengthen as the US election approaches. This will drive up risk assets and support the 'Uptober' rebound narrative.