QCP: Bitcoin Market Share Gains Set the Stage for L1 Public Chain Recovery, U.S. Election Prompts Further Strengthening of Risk-Appetite Sentiment

On October 19th, QCP released its weekly summary stating that it has been an exciting week for cryptocurrencies. btc has risen by 10.48% to reach a high of $69,000, with the psychological barrier of $70,000 in sight. There is no major macro data to act as resistance next week.

The BTC ETF has seen sizable inflows this week. As of Friday, ETF inflows reached $203.3 million and have been trending net for six consecutive days, with continued ETF inflows indicating that institutional demand remains strong. With the U.S. 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 ETF with the liquidity it needs to attract sustainable 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 key resistance level of 60%, we believe this will set the stage for a strong recovery in Layer 1 blockchain (L1) tokens.

With U.S. equities near all-time highs and the yen continuing to weaken, risk appetite will only strengthen further as the U.S. elections approach. This will drive risk assets higher and support the 'Uptober' rally narrative.