QCP: US stock market highs, weak yen and approaching election will drive risk assets higher

Odaily News QCP released a weekly summary saying that BTC rose 10.48% to a high of $69,000, and the psychological level of $70,000 is within sight. There is 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 been on a net inflow trend for 6 consecutive days. The continued inflow of ETFs shows that institutional demand remains strong. With the US SEC approving the listing of Bitcoin ETF options on the New York Stock Exchange (NYSE) this morning, it is believed that this will provide the required liquidity for ETFs and attract sustainable capital inflows. Bitcoin's market share is currently at a multi-year high of 58%, a level last seen in April 2021. As it approaches the critical resistance level of 60%, we believe this will lay the foundation for a strong recovery in the first-layer blockchain (L1) token. With the US stock market approaching all-time highs and the yen continuing to weaken, risk appetite will only strengthen further as the US election approaches. This will drive risk assets up and support the "Uptober" rebound narrative.