Markets· ★★★· bullish·

QCP Capital: Bitcoin's rally driven by ETF inflows, not broader market improvement

  • —Bitcoin rose to $86,913, its highest level since September 23
  • —Spot Bitcoin ETF inflows: $3.5 billion in August and $2.6 billion in September
  • —Gold fell 8.5% over the month while Bitcoin gained about 12%
  • —The move is driven by spot capital rather than leverage, QCP said
Why it matters: If ETF inflows slow, support for Bitcoin's price could disappear quickly, QCP warned.
#BTC
Source: Bits.media
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