TechFlow news, October 29 — According to the latest market report from QCP Capital, Bitcoin has broken above the $70,000 mark for the first time in seven months. This rally is supported by multiple factors, including nearly $1 billion in inflows into spot ETFs last week.
This market euphoria has also spread to stocks related to cryptocurrencies. Mining companies such as Core Scientific (CROZ) rose 6.2% after Jefferies upgraded its rating to "Buy." Companies at the intersection of cryptocurrency and artificial intelligence—such as IREN, Hut 8, Bitdeer, and TeraWulf—have outperformed the broader market, benefiting from increased AI demand and Bitcoin's recent rebound.
In addition, Emory University became the first university endowment fund to disclose a $15 million position in Grayscale’s Bitcoin Mini Trust, highlighting growing appeal of digital assets even among traditionally conservative funds.
Rising odds of a Trump victory have boosted both equities and Bitcoin. QCP believes Bitcoin holds a stronger mid-term outlook compared to stocks. A potential Trump administration’s expansionary fiscal policies could widen deficits and fuel inflation, possibly delaying Federal Reserve rate cuts in 2025.
Implied volatility around the election date has surged to 64% and may climb further. Although the skew toward buying call options has eased somewhat as Bitcoin consolidates above $70,000, open interest in perpetual contracts across exchanges has reached a yearly high, reflecting strong bets on potential upside.
TechFlow note: "Broader market" is a financial term that generally refers to the overall market or a specific market index. It is used to describe the general performance of the market.
