Bitcoin rally mostly driven by macroeconomic factors rather than ETF narrative, QCP says

Bitcoin's recent rally is primarily being propelled by macroeconomic factors, such as U.S. Treasury supply estimates and the anticipation that the Federal Reserve will conclude its monetary tightening campaign, rather than by expectations about the possible approval of a spot bitcoin ETF, QCP said in its latest Market Update report.

"Whether this marks the start of a new global equity and bond uptrend remains to be seen," the report added. QCP analysts were bullish on the digital asset, maintaining that only fresh regulatory pressure could take the bitcoin price back below $32,000.CoinShares Research analyst Max Shannon sees most of bitcoin's recent move upward as being driven by weaker-than-expected U.S.

"This provides support for riskier assets, also, yields have dropped across the board," he told The Block.However, according to Ryze Labs Managing Partner Matthew Graham, the current rally is still primarily driven by anticipation that a spot ETF approval could be on the horizon. He underscored that "several TradFi companies have supported this view."

YouHodler Chief of Markets Ruslan Lienkha told The Block that bitcoin investors are following a "buy the rumor, sell the fact" pattern. "Once spot ETFs are approved it will be the right moment to sell and fix a profit," he added.Bullish sentiment for bitcoin is strengthening, according to Bitnomial Exchange President Michael Dunn. "This is reflected in the futures and options market where open interest has reached all-time highs.

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