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What’s a QCP Tuesday Colour without mentioning MicroStrategy? The company has purchased another 1,070 BTC at an average price of ~$94k. This follows news that they are raising up to $2 billion through perpetual preferred stock.

Bitcoin is trading at a premium on Coinbase as spot pushes above $100k for the first time in two weeks. This coincides with spot ETFs returning to net inflows, as ETF issuers mostly trades and custody with Coinbase. This trend may suggest institutions are increasing their 2025 Bitcoin allocations, as mentioned in our commentary on 31st Dec.

Waves of favorable regulatory narratives continue to support the spot market. In Canada, pro-crypto politician Pierre Poilievre is now favored to replace Justin Trudeau as the next Prime Minister, according to Polymarket.

However, It won’t be smooth sailing into January, as structural risks loom. The U.S. Treasury debt ceiling reinstatement is projected to be reinstated mid-month, requiring the Treasury to adopt extraordinary measures to fund government expenditures. This could trigger market volatility as discussions around the issue intensify.

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