QCP Capital: Although price fluctuations were smaller last week, BTC bullish sentiment increased

ChainCatcher news, QCP Capital said that the Perp-June Basis of BTC and ETH has experienced unusually large sell-offs in the past two days, causing the entire forward curve to compress to 15-17%.

They suspect the flow could be related to Ethena or could be large investors squeezing out high forward returns while reducing leveraged positions.

In addition, despite smaller price fluctuations in the past week, they found that bullish sentiment on BTC has increased, mainly due to increased inflows into BTC spot ETFs, positive news such as traditional financial institutions joining Blackrock’s ETF, large purchases of BTC call options, reduced BTC leverage, and The upcoming BTC halving event.