QCP Capital: CPI data is lower than expected, or the altcoin season will come

Odaily News QCP Capital posted on its official channel that global markets rebounded after the release of a lower-than-expected consumer price index (CPI) report, easing market concerns about rising inflation. Bitcoin surged 4.13% to a high of $100,800 before stabilizing just below $100,000. The stock market also showed optimism, with the S&P 500 up 1.83% and the Nasdaq up 2.27%.
Yesterday, both Bitcoin and Ethereum spot ETFs saw healthy inflows, with Bitcoin spot ETF seeing a staggering inflow of $723.2 million. The rapid recovery in inflows reflects strong institutional demand and bodes well for the future prospects of the cryptocurrency market.
In the options market, Bitcoin January call options dominated yesterday, with traders becoming increasingly bullish and snapping up contracts between $100,000 and $110,000. This is a positive sign as we head into March, with the $120,000 strike currently holding the highest open interest.
With Bitcoin’s market share plummeting from 58.6% to 57.4%, altcoins are expected to outperform as profits flow to Ethereum and other altcoins. To confirm the arrival of altcoin season, Bitcoin’s market share needs to fall below the 57.3% support level while Bitcoin price remains around $100,000.