QCP: The increase in Bitcoin market share lays the foundation for the recovery of L1 public chain, and the US election has further enhanced risk appetite

BlockBeats news, on October 19, QCP released a weekly summary saying that this week was an exciting week for cryptocurrencies. BTC rose 10.48% to a high of $69,000, and the psychological barrier of $70,000 is within sight. There is no major macro data as resistance next week.

BTC ETF has a considerable inflow this week. As of Friday, ETF inflows reached $203.3 million, and it has been showing a net inflow trend for 6 consecutive days. The continued inflow of ETFs shows that institutional demand remains strong. With the approval of the US SEC for the listing of Bitcoin ETF options on the New York Stock Exchange (NYSE) this morning, it is believed that this will provide the ETF with the required liquidity and attract sustainable capital inflows.

Bitcoin's market share is currently at a multi-year high of 58%, a level last seen in April 2021. As it approaches the critical resistance level of 60%, we believe this will set the stage for a strong recovery in layer 1 blockchain (L1) tokens.

With US stocks near all-time highs and the yen continuing to weaken, risk appetite will only strengthen further as the US election approaches. This will drive risk assets higher and support the "Uptober" rally narrative.