QCP: Structural View on Bitcoin Remains Unchanged, Institutions Expected to Buy on Dips
According to ChainCatcher, QCP published an analysis stating, "Bitcoin's rebound momentum has weakened following the Jackson Hole meeting. An early holder sold approximately 24,000 bitcoins (about $2.7 billion) during low liquidity on Sunday, triggering around $500 million in forced liquidations.
Ethereum reached a new high, with the Ethereum/Bitcoin ratio breaking above 0.04. Despite six consecutive trading days of ETF outflows (about $1.2 billion), Bitcoin's market dominance has slipped to around 57%, while institutional investors continue to increase their holdings in Ethereum.
In the short term, Bitcoin appears to be ceding momentum to Ethereum, but our structural view on Bitcoin remains unchanged. Just as the market absorbed around 80,000 bitcoins from traditional supply in July, we expect institutions to selectively buy on pullbacks."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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