- QCP Capital challenges the common view that Bitcoin’s rally is due to ETF hype.
- QCP Capital emphasizes the role of Treasury supply estimates and a dovish FOMC in driving Bitcoin’s rally.
- Tom Lee highlights institutional investments and renewed interest from Asian markets.
QCP Capital, a prominent global digital assets trading firm and market maker, has challenged the widespread sentiment in the crypto market regarding Bitcoin’s recent surge above $35k. According to QCP Capital, the primary factor driving the rally is not speculation around the pending spot ETF applications in the United States.
In the market maker’s view, the surge could be correctly attributed to macroeconomic forces rather than developments related to spot ETFs. Furthermore, QCP Capital stressed that the Bitcoin rally gained momentum due to a combination of factors. The firm highlighted a smaller-than-expected Treasury Q1 supply estimate disclosed yesterday and the dovish stance of the U.S. Federal Open Market Committee (FOMC). The digital asset firm claimed the FOMC’s action led to a significant drop in bond yields, subsequently leading to a surge in risk assets like Bitcoin.
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