QCP Capital today stated that it expects the price of bitcoin to ride back to the highs of $74,000 after the latest Consumer Price Index print in the United States saw risk assets surge yesterday.

"We expect bullish momentum here that could take us back to the highs of 74k," the institutional-focused firm wrote in the Telegram channel QCP Broadcast, citing buy-side demand.

"The desk saw sizeable buyers of 100-120k BTC Calls for Dec 2024 on this move higher in spot," it explained while stating that "institutional demand for the BTC continues to grow with large asset managers Millennium and Schonfeld investing approximately 3% and 2% of their AUM into the BTC spot ETF."

As The Block reported yesterday, hedge fund Millennium Management had invested nearly $2 billion into bitcoin ETFs …