QCP Capital: Bitcoin demand remains strong and prices are expected to remain supported until the end of the year

Odaily News QCP Capital writes that Bitcoin hit a new high of $97,900 this morning after a rally overnight. The surge was driven by optimism in the cryptocurrency market, which was fueled by headlines highlighting Bitcoin's growing importance in the corporate world and capital continuing to flow into the asset. MicroStrategy's shares surpassed $100 billion market cap last night and topped the U.S. trading volume charts as it expects to raise $2.6 billion to buy more Bitcoin. Several corporate coffers followed MicroStrategy's lead and added Bitcoin to their reserves, with Acurx Pharmaceuticals reportedly buying up to $1 million worth of Bitcoin. As Trump's inauguration approaches, buying of January call options has surged. Bitcoin has firmly held the $97,000 mark and is now closer than ever to the $100,000 milestone. This week, our trading desk observed strong demand for March and June call options, indicating long-term bullish sentiment among investors for next year. The Bitcoin spot ETF has extended its winning streak to three days, with a total of $1.84 billion in net inflows during the period. Bitcoin ETFs have been the biggest driver of inflows into Bitcoin this year, with U.S. ETFs seeing net inflows of $29.4 billion. As central banks around the world continue to ease monetary policy, demand for Bitcoin remains strong, and we expect Bitcoin prices to remain supported through the end of the year.