The crypto market was buzzing with excitement as Bitcoin [BTC] broke through the $35,000 level after more than 17 months. Most market observers and analysts attributed the rip to the optimism over spot ETF approvals. However, contrary to the popular perception, well-known crypto asset trading firm QCP Capital linked the recent rally to macroeconomic factors. The Singapore-based company stated that the lower-than-expected U.S. Treasury supply estimate for Q1 2024 sent the bond markets lower while favoring risky asset classes.