QCP: The increase in Bitcoin's market share lays the foundation for the recovery of L1 public chains, and the U.S. election further enhances risk preference sentiment

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 just around the corner. There are no major macroeconomic data to hinder next week. The inflow into BTC ETFs this week was substantial. As of Friday, ETF inflows reached $203.3 million and have shown a net inflow trend for six consecutive days. The continuous influx indicates that institutional demand is still strong. With the U.S 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 and attract sustainable capital inflows. Bitcoin's market share currently reaches a multi-year high of 58%, last seen in April 2021.With it approaching key resistance at 60%, we believe this lays the foundation for a strong recovery in L1 tokens.As US stock markets approach record highs and yen continues to weaken, risk appetite sentiment will only further increase as US elections draw near.This will drive up risky assets and support "Uptober" rebound narrative.