Bitcoin ( BTC) enjoyed a 2.20% boost driven by rising spot demand, briefly touching $68,000 before settling at $67,000, according to Singapore-based digital asset trading firm QCP Capital. The firm highlighted strong options activity and inflows into exchange-traded funds (ETFs), with analysts pointing to a growing wave of optimism in the market.
QCP Capital Reports Bitcoin Lifted by Spot Demand—What Analysts Are Watching Next
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Bitcoin Inches Toward Record Heights Amid Unprecedented ETF and Options Activity
QCP Capital noted that bitcoin’s rally was powered by strong spot demand, pushing the digital currency up by 2.2%. This brief climb allowed bitcoin to reclaim the $68,000 level before finding stability at $67,000. The firm also observed a notable increase in long-dated options, particularly during U.S. trading hours, with 600 contracts trading at a $120,000 strike price.
Analysts at the firm see this as a positive sign from bullish buyers, eager for future gains. QCP also reported a substantial $458.54 million inflow into bitcoin spot ETFs yesterday, marking a significant vote of confidence.
This was the fourth straight day of ETF inflows, and QCP’s analysts believe this trend could pave the way for further rallies as bitcoin nears its all-time high of approximately $74K. The firm pointed out that these continuous inflows signal sustained bullish sentiment in the market.
Looking ahead, QCP identifies the upcoming U.S. election as a potential catalyst for bitcoin and the broader cryptocurrency market. The firm noted that options expiring around the election are trading at a 10% premium compared to other expiries, suggesting that investors expect more volatility. QCP believes any shifts in the polls or campaign narratives could have a significant impact on bitcoin’s price.
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