QCP Capital: Market Rebound Supports "Bull October"; BTC Needs to Break $115,000 for Confirmation

BlockBeats News, September 29th, QCP Capital stated in a post that after experiencing last week's sell-off, the cryptocurrency market is showing initial signs of recovery. BTC and ETH have rebounded to $112,000 and $4,100, respectively. Despite significant outflows from ETFs (especially last Friday), the spot market stabilized over the weekend, implying that end-of-quarter basis unwinding or redemptions were the main reasons, and the market's ability to absorb selling pressure exceeded expectations. With the rebound in the spot market, this week's ETF flows will set the tone for institutional demand ahead of the seasonally bullish month.

After a volatile month, BTC's monthly gain still exceeds 3%, providing support for the so-called "Uptober." However, it is important to note that BTC needs to effectively break through the $115,000 level to confirm a new uptrend. The options market reflects this hesitation—as trader confidence rebuilds, the put skew and open interest in BTC and ETH are gradually returning to normal.