QCP: The structural view on Bitcoin has not changed, and it is expected that institutions will buy during the pullback

ChainCatcher news, QCP's analysis states, "The rebound momentum of Bitcoin has weakened after the Jackson Hole meeting, with an early holder selling approximately 24,000 Bitcoins (about $2.7 billion) on Sunday during a period of low liquidity, triggering about $500 million in forced liquidations.

Ethereum has reached a new high, with the Ethereum/Bitcoin ratio breaking 0.04; despite a continuous outflow of ETF funds over six trading days (about $1.2 billion), Bitcoin's market dominance has slipped to around 57%, while institutional investors continue to increase their holdings in Ethereum.

In the short term, Bitcoin seems to be ceding momentum to Ethereum, but our structural view on Bitcoin remains unchanged. Just as the market absorbed about 80,000 Bitcoins of traditional supply in July, we expect institutions to selectively buy on dips."