QCP Capital today stated that it expects the price of bitcoin to ride back to the highs of $74,000 after the latest Consumer Price Index print in the United States saw risk assets surge yesterday.
"We expect bullish momentum here that could take us back to the highs of 74k," the institutional-focused firm wrote in the Telegram channel QCP Broadcast, citing buy-side demand.
"The desk saw sizeable buyers of 100-120k 
BTC +6.41% Calls for Dec 2024 on this move higher in spot," it explained while stating that "institutional demand for the BTC continues to grow with large asset managers Millennium and Schonfeld investing approximately 3% and 2% of their AUM into the BTC spot ETF."
As The Block reported yesterday, hedge fund Millennium Management had invested nearly $2 billion into bitcoin ETFs as of the first financial quarter.
Meanwhile, spot bitcoin ETFs in the U.S. recorded a total daily net inflow of $302.97 million yesterday — the largest since May 3 — preceding reports that the Chicago Mercantile Exchange Group is planning to launch bitcoin spot trading.
"The stars seem to be aligning on this breakout, with significant sovereign and institutional adoption, abating inflation, and upcoming US elections," QCP Capital summarized.
Bitcoin is currently trading above $66,175 and is up 6.53%, per The Block's Bitcoin Price Page.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
