QCP: The increase in Bitcoin's market share lays the foundation for the recovery of L1 public chains, while the U.S. elections further enhance risk appetite

ChainCatcher news, QCP released a weekly summary stating that this week has been an exciting one for cryptocurrencies. BTC rose by 10.48%, reaching a high of $69,000, with the psychological barrier of $70,000 now within reach. There are no major macro data points to act as resistance next week.

The inflow of BTC ETFs this week has been substantial. As of Friday, ETF inflows reached $203.3 million, and there has been a net inflow trend for six consecutive days. The continued inflow into ETFs indicates that institutional demand remains strong. With the SEC approving Bitcoin ETF options to be listed on the New York Stock Exchange (NYSE) this morning, it is believed that this will provide the necessary liquidity for ETFs, attracting sustainable capital inflows.

Bitcoin's market share currently stands at a multi-year high of 58%, a level last seen in April 2021. As it approaches the key resistance level of 60%, we believe this will lay the foundation for a strong recovery of Layer 1 (L1) tokens.

As the U.S. stock market approaches historical highs, the yen continues to weaken, and with the U.S. elections approaching, risk appetite will only strengthen further. This will drive up risk assets and support the "Uptober" rebound narrative.