QCP: The foundation for a new round of Bitcoin rebound seems to have formed.

On October 15, QCP released a daily outlook stating: After a volatile weekend, risk assets have stabilized: stocks are about 1.5% away from recent highs, and Bitcoin is approximately 10% off its peak. This rebound is partially driven by the market's recovery of rate cut expectations, with swap contracts currently anticipating a cumulative rate cut of about 125 basis points by the end of 2026. Fed Chairman Powell reiterated plans for another 0.25% cut this month, providing short-term support for risk sentiment, even as the government shutdown delays the release of key labor data. Gold continues to be in the spotlight, soaring to a historic high of $4,022 per ounce (up 52% year-to-date), driven by strong central bank reserve accumulation and declining real yields. The market narrative is shifting from interest rate sensitivity to liquidity-driven dynamics. Central bank purchases, de-dollarization of capital flows, and institutional portfolio hedging have become the main forces driving gold's rise, making its value far exceed traditional inflation hedging functions. Despite the weekend's volatility, the correlation between Bitcoin and gold has exceeded 0.85, indicating a highly synchronized flow of funds between traditional and digital store of value tools. Gold continues to set new highs, and Bitcoin briefly touched a new high before the weekend. With institutional treasuries continuing to increase their positions and ETF inflows remaining strong (yesterday BTC ETF saw an inflow of $102.7 million and ETH ETF $236.2 million), the foundation for a new round of rebound seems to have formed.