Bitcoin climbed out of its recent range to $86,913, its highest level since Sept. 23, according to a market note cited by Odaily that attributed the move to concentrated capital inflows rather than a shift in inflation expectations. QCP said the token is up 14.6% from its Sept. 15 low.
The firm placed the rally alongside a sharp move in U.S. Treasury yields. The 30-year Treasury yield reached 5.62%, while the 10-year yield at one point rose to 5.29%. In September, real rates increased by 44 basis points, while breakeven inflation was largely unchanged, QCP said.
Across major assets, gold fell 8.5% during the same period, while Bitcoin rose 12%. QCP argued that the latest advance was driven by concentrated fund flows, pointing to spot ETF inflows of $3.5 billion in August and $2.6 billion in September.
Bitcoin broke out of its range and climbed to $86,913, its highest level since Sept. 23, according to QCP in a note cited by Odaily. The move puts Bitcoin 14.6% above its Sept. 15 low.
Treasury yields and asset performance moved in parallel
Over the same period, the 30-year U.S. Treasury yield reached 5.62%, while the 10-year yield briefly rose to 5.29%. QCP said real rates increased by 44 basis points in September, while breakeven inflation was almost unchanged.
Gold fell 8.5%, while Bitcoin gained 12%.
QCP points to concentrated fund flows
QCP said the latest rise was driven by concentrated capital flows. Spot ETF inflows totaled $3.5 billion in August and $2.6 billion in September.
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