Deniz 
Since risk assets surged yesterday on the release of the most recent Consumer Price Index in the US, QCP Capital said today that it anticipates bitcoin’s price to return to the highs of $74,000.
Citing buy-side demand, the institutionally focused firm remarked in the Telegram channel QCP Broadcast, “We expect bullish momentum here that could take us back to the highs of 74k.”
“Institutional demand for the BTC continues to grow with large asset managers Millennium and Schonfeld investing approximately 3% and 2% of their AUM into the BTC spot ETF,” it added, “calls for December 2024 on this move higher in spot.”
As of the first financial quarter, hedge fund Millennium Management had invested around $2 billion in bitcoin ETFs, according to a report by The Block yesterday.
In the meantime, spot bitcoin ETFs in the United States saw their biggest daily net inflow since May 3 yesterday, which came before rumors surfaced that the Chicago Mercantile Exchange Group was about to start bitcoin spot trading.
“The stars seem to be aligning on this breakout, with significant sovereign and institutional adoption, abating inflation, and upcoming US elections,” QCP Capital said.