【QCP Capital: Expects Bitcoin's risk premium relative to stocks to decrease】On November 8, news reported that Singapore-based crypto investment firm QCP Capital stated that yesterday, Bitcoin spot ETF saw a net inflow of $1.38 billion, reaching a historical high. Coupled with the optimism brought about by Trump's election victory and widespread expectations of a 25 basis point rate cut by the Federal Reserve, these factors collectively pushed Bitcoin's price to rise to $77,000 earlier this morning. However, investors began to withdraw some of the 'Trump trade': the dollar has retraced most of its post-election gains, and Treasury yields have also reverted to recent volatility ranges after a brief period of significant fluctuation. As the market considers Trump's proposed 60% tariffs on China and rising Treasury issues, it is expected that Bitcoin's risk premium relative to stocks will decrease, which may allow it to potentially outperform other risk assets. The continued bullish sentiment for Bitcoin may also create a feedback loop where increased ETF inflows drive up Bitcoin prices, and the rise in Bitcoin prices, along with declining volatility, attracts more retail capital and systemic funds to buy in.

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