QCP Capital: CPI data eases market concerns about rising inflation, and altcoin season is expected to arrive

PANews reported on January 16 that QCP Capital, a Singaporean crypto investment institution, issued a statement today saying that last night, global markets rebounded after the release of a lower-than-expected Consumer Price Index (CPI) report, easing market concerns about rising inflation. Bitcoin subsequently surged 4.13%, hitting a high of $100,800 before stabilizing at just under $100,000. Stock markets also showed optimism, with the S&P 500 rising 1.83% and the Nasdaq rising 2.27%. Yesterday, both Bitcoin and Ethereum spot ETFs ushered in healthy capital inflows. Among them, the inflow of Bitcoin spot ETF was staggering, reaching $723.2 million. The rapid recovery in capital inflows reflects strong institutional demand and bodes well for the future prospects of the cryptocurrency market.

In the options market, Bitcoin January call options dominated yesterday, with traders becoming increasingly bullish and snapping up contracts with strike prices between $100,000 and $110,000. This is a positive sign as we head into March (with the $120,000 strike currently seeing the highest open interest). Given this craze, is altcoin season just around the corner? With Bitcoin’s market share plummeting from 58.6% to 57.4%, altcoins are expected to perform even better as profits flow to Ethereum and other altcoins. To confirm the arrival of altcoin season, Bitcoin’s market share would need to fall below the 57.3% support level while Bitcoin price remains volatile around $100,000.