According to PANews, Singapore's QCP Capital recently said that the Perp-June Basis of BTC and ETH has seen an abnormally large sell-off in the past two days, causing the entire forward curve to be compressed to 15-17%. They suspect that this flow may be related to Ethena, or that large investors are squeezing out high forward returns while reducing leveraged positions.
Despite the low price volatility over the past week, QCP Capital still found that the bullish sentiment of BTC has increased. The main reasons include the increase in inflows of funds into BTC spot ETFs, positive news such as traditional financial institutions joining Blackrock's ETF, large purchases of BTC call options, reduction of BTC leverage, and the upcoming BTC halving event.