Analysis: Bitcoin’s current rise is driven by capital flows, and tonight’s non-farm payrolls report is a key test

PANews reported on October 2 that the QCP report pointed out that Bitcoin broke through the range and rose to $86,913, the highest since September 23, an increase of 14.6% from the low on September 15. However, the background of the rise is divided: the 30-year U.S. bond yield hit 5.62%, and the 10-year U.S. bond yield once reached 5.29%. Gold experienced its worst month of the year. Real interest rates rose by 44 basis points in September, and the breakeven inflation rate was almost unchanged, indicating that this was not an inflationary shock, but stronger growth expectations, large supply of Treasury bonds, and weak auctions pushing the market to clear higher real yields. Gold fell 8.5% following real interest rate signals, while Bitcoin rose 12%. QCP believes that this shows that this is a concentrated capital flow transaction, and the target has both new regulatory catalysts and favorable technical aspects. Spot ETFs saw $3.5 billion and $2.6 billion in inflows in August and September respectively.