According to Golden Finance, crypto market maker QCP Capital said in its latest market report that despite limited price fluctuations in Bitcoin over the past week, market sentiment is turning bullish on Bitcoin, mainly based on the following five reasons:
1. The inflow of spot Bitcoin ETFs has increased significantly in recent days, reaching US$232 million on Thursday;
2. Traditional financial giants such as Citadel, Goldman Sachs, UBS and Citi will serve as authorized participants of BlackRock’s Bitcoin ETF, which is good news;
3. The market continues to buy a large amount of Bitcoin call options (while Ethereum call options are sold in large quantities);
4. The funding rate of Bitcoin perpetual contracts remains flat, the forward curve moves lower, and the leverage level decreases;
5. The upcoming Bitcoin halving narrative.
