QCP Capital, a cryptocurrency research firm, has reported that the recent increase in the price of Bitcoin (BTC) is due to strong spot demand. BTC briefly reached $68,000 before settling around $67,000. QCP noted significant movement in the options market, with intense buying interest in long-term options. This indicates a revival of optimistic and long-term buyers and increased confidence in further price increases. BTC spot ETFs also had strong inflows, potentially signaling further rallies. QCP identified the upcoming US elections as the next major catalyst for Bitcoin, but there is uncertainty about its post-election trajectory. Options expiring closer to the election are trading at a premium due to anticipation and uncertainty. Any changes in polls or campaign rhetoric could impact BTC's spot prices, according to QCP.



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