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The cryptocurrency market has experienced significant activity over the past week. Bitcoin (BTC) 
$85,977 surged by 10.48%, reaching a high of $69,000, drawing attention to the psychological level of $70,000. According to QCP Capital, a lack of significant developments in upcoming macroeconomic data suggests that this rally may continue. Additionally, the strong interest in spot Bitcoin ETFs continues to support the market’s upward movement.
Strong Interest in Spot Bitcoin ETFs
Last week saw robust inflows into spot Bitcoin ETFs. As of Friday, net inflows of $203.3 million marked the sixth consecutive day of gains for these ETFs. This flow indicates that institutional demand remains strong.
Furthermore, this morning, the SEC approved the trading of spot Bitcoin ETF options on the New York Stock Exchange, which will increase liquidity and encourage sustainable inflows. QCP Capital analysts suggest that continued investor interest may positively impact Bitcoin’s performance in the coming weeks.
Bitcoin Dominance Reaches New Heights
Bitcoin’s market dominance has risen to 58%, the highest level since April 2021. This dominance strengthens the leading position of the largest cryptocurrency in the market. Currently, the dominance is approaching a significant resistance level at 60%. According to QCP Capital, surpassing this threshold could pave the way for a strong recovery in other Layer 1 coins. Bitcoin’s robust performance also raises expectations for a revival in the altcoin market.
On the other hand, QCP Capital noted that inflation in Japan continues to weaken, with the headline inflation rate dropping to 2.5%. The likelihood of the Bank of Japan raising interest rates in the near future seems low, which has led to a weakening of the Japanese yen and a drop in the USD/JPY pair below 150.
As U.S. stocks approach historic highs, the weakening yen increases market risk appetite. With the upcoming U.S. elections, interest in riskier assets is expected to rise further. All these developments support the upward movement of Bitcoin and other cryptocurrencies. The period known as “Uptober” in the cryptocurrency market is a time when risky assets gain strength. With increased risk appetite, Bitcoin and other cryptocurrencies are anticipated to continue their upward movement.
Bitcoin’s strong performance this week continues to attract investor attention, and market activity is expected to persist into next week. Particularly, the ongoing strong interest in spot Bitcoin ETFs could support the upward price movement of the leading cryptocurrency.
