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<a href="https://bitcoinworld.co.in/whats-driving-bitcoin-to-36k-macro-forces-or-spot-etf-hype/" title="What’s Driving Bitcoin to $36k, Macro Forces or Spot ETF Hype?" rel="noopener noreferrer nofollow"></a>
<ul>
 <li style="font-weight: 400">QCP Capital challenges the common view that Bitcoin’s rally is due to ETF hype.</li>
 <li style="font-weight: 400">QCP Capital emphasizes the role of Treasury supply estimates and a dovish FOMC in driving Bitcoin’s rally.</li>
 <li style="font-weight: 400">Tom Lee highlights institutional investments and renewed interest from Asian markets.</li>
</ul>
<a href="https://qcp.capital" rel="noopener noreferrer nofollow">QCP Capital</a>, a renowned global digital asset trading and market maker, has questioned the general consensus in the cryptocurrency market regarding Bitcoin’s recent ascent above $35,000. The key element fueling the surge, according to QCP Capital, is not speculation over upcoming spot ETF applications in the United States.
According to market participants, the spike can be appropriately attributed to macroeconomic reasons rather than changes involving spot ETFs. Furthermore, QCP Capital emphasized that the Bitcoin surge gained traction as a result of a combination of reasons. 
The business emphasized a smaller-than-expected Treasury Q1 supply estimate released yesterday, as well as the FOMC’s dovish position in the United States. According to the digital asset firm, the FOMC’s action caused a large drop in bond yields, which led to a boom in risk assets such as Bitcoin.
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 2/ This latest rally however, was less about spot ETF developments and more about macro forces. This is because a smaller than expected Treasury Q1 supply estimate yesterday and dovish FOMC sent bond yields tumbling and in turn risk assets soaring.
 — QCP Capital (@QCPCapital) <a href="https://twitter.com/QCPCapital/status/1720129449264554354?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 2, 2023</a>
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Meanwhile, QCP Capital is unsure whether the risk asset surge signals the beginning of a new global uptrend in equities and bond markets. Aside from a correction in unduly pessimistic sentiment toward bonds, the business said that the general macroeconomic backdrop remains basically stable.
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Other cryptocurrency specialists, on the other hand, have expressed a similar stance on Bitcoin’s recent rises. In a recent interview, Thomas Lee, co-founder of Fundstrat Global Advisors, linked Bitcoin’s extraordinary performance to a huge increase in institutional investors, with CME trading volumes reaching new highs.&nbsp;
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 Great speaking with <a href="https://twitter.com/ScottWapnerCNBC?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@ScottWapnerCNBC</a> about <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#bitcoin</a>
 – institutional inflows affirm this could be ‘early days’ for this cycle<a href="https://twitter.com/hashtag/MondayMotivation?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#MondayMotivation</a> <a href="https://twitter.com/fs_insight?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@fs_insight</a> <a href="https://t.co/SwM73TypLm" rel="noopener noreferrer nofollow">https://t.co/SwM73TypLm</a>
 — Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) <a href="https://twitter.com/fundstrat/status/1718971755153285390?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 30, 2023</a>
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Lee also mentioned a resurgence of interest from Asian markets, which had previously been less involved in the Bitcoin ecosystem. This rebound, he believes, demonstrates a genuine desire among significant investors to enter the bitcoin industry.
Bitcoin has risen above $35k in the last week, reaching one of its highest levels in 15 months. The digital asset is presently trading around $34,300, after nearly touching $36k in the previous 24 hours.
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 Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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The post <a href="https://bitcoinworld.co.in/whats-driving-bitcoin-to-36k-macro-forces-or-spot-etf-hype/" rel="noopener noreferrer nofollow">What’s Driving Bitcoin to $36k, Macro Forces or Spot ETF Hype?</a> appeared first on <a href="https://bitcoinworld.co.in" rel="noopener noreferrer nofollow">BitcoinWorld</a>.

What’s Driving Bitcoin to $36k, Macro Forces or Spot ETF Hype?

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