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QCP: Structural View on Bitcoin Unchanged, Institutions Expected to Buy on Pullback
Summary: According to QCP analysis, Bitcoin's rebound momentum weakened after the Jackson Hole meeting, with an early holder selling about 24,000 Bitcoins (approximately $2.7 billion) on Sunday during low liquidity, triggering around $500 million in forced liquidation. Ethereum hit a new high, with the Ethereum/Bitcoin ratio surpassing 0.04; Bitcoin's market dominance slid to around 57% amid ...
According to QCP analysis, Bitcoin's rebound momentum weakened after the Jackson Hole meeting, with an early holder selling about 24,000 Bitcoins (approximately $2.7 billion) on Sunday during low liquidity, triggering around $500 million in forced liquidation. Ethereum hit a new high, with the Ethereum/Bitcoin ratio surpassing 0.04; Bitcoin's market dominance slid to around 57% amid six consecutive days of ETF outflows (approximately $1.2 billion), while institutional investors continue to increase their holdings in Ethereum. In the short term, Bitcoin seems to be ceding momentum to Ethereum, but our structural view on Bitcoin remains unchanged. Just as the market absorbed around 80,000 traditional supply of Bitcoins in July, we expect institutions to selectively buy on pullbacks.
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Link: QCP: Structural View on Bitcoin Unchanged, Institutions Expected to Buy on Pullback [Copy]
