QCP Capital reported that bitcoin climbed 4.13%, touching a peak of $100.8K before settling just shy of the $100K threshold. By 3:30 p.m. on Jan. 18, BTC was exchanging hands for $100.5K per coin. This upward momentum coincided with gains in traditional markets, where the S&P 500 rose 1.83% and the Nasdaq gained 2.27%. Meanwhile, bitcoin and ether spot exchange-traded funds attracted significant inflows, with BTC spot ETFs pulling in a striking $755 million within 24 hours. QCP interpreted this as a sign of heightened institutional interest, reflecting greater confidence in the evolving dynamics of the market.

Altcoin Season Index according to blockchaincenter.net. In order for Altcoin Season to commence the target must rise above 75.

The analysis also pointed to intensified activity in the bitcoin options arena, as traders increasingly embraced an optimistic outlook. January call options took center stage, particularly those with strike prices between $100K and $110K. Additionally, QCP noted that March holds the lion’s share of open interest, concentrated around the $120K strike, further reinforcing the prevailing bullish sentiment.

In parallel with bitcoin’s (BTC) upward movement, QCP observed a slip in its dominance, which declined from 58.6% to 57.4%. This development, according to QCP, could indicate the beginning of an altcoin season, as profits shift toward ether and other alternative digital assets. However, for this transition to fully take shape, QCP emphasized that bitcoin dominance must break through the 57.3% support level, especially as the cryptocurrency consolidates around the $100,000 mark.

QCP’s commentary captures a resurgence of optimism ignited by alleviating inflationary concerns. The buoyant mood spans both traditional equities and the cryptocurrency sphere, with a surge in institutional engagement and vigorous options activity pointing to a bright and dynamic period ahead for market participants.

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