Capital flows drive Bitcoin higher, price rises to highest since September 23

Odaily News: QCP noted that Bitcoin broke out of its range to reach $86,913, the highest since September 23, up 14.6% from its September 15 low. Over the same period, the 30-year U.S. Treasury yield hit 5.62%, while the 10-year yield rose as high as 5.29%; real rates rose 44 basis points in September, while breakeven inflation barely moved. Gold fell 8.5%, while Bitcoin rose 12%. QCP believes this rally was driven by concentrated capital flows, with spot ETFs seeing inflows of $3.5 billion and $2.6 billion in August and September, respectively.