QCP Capital Reports Bullish Sentiment on Unusual Selling and BTC Increases in BTC and ETH
According to PANews, Singapore-based QCP Capital reported that there has been an unusually large sell-off in the Perp-Jun Basis of BTC and ETH over the past two days, causing the entire forward curve to be squeezed to 15-17%. They suspect that this liquidity may be related to Ethena or may be due to large investors earning high forward returns while reducing leveraged positions.
Despite minor price fluctuations over the past week, QCP Capital has noticed that the bullish sentiment towards BTC is still increasing. The main reasons include the increase in fund flows into BTC spot ETFs, traditional financial institutions joining Blackrock's ETF, and other positive news. Additionally, there has been massive BTC bullish option buying, BTC deleveraging, and the upcoming BTC halving event.
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