QCP Capital: Market sentiment is turning bullish on Bitcoin

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Cointime2024/04/06 06:09

By:Cointime

QCP Capital, a crypto market maker, stated in their latest market report that despite limited fluctuations in Bitcoin prices over the past week, market sentiment is turning bullish on Bitcoin due to the following five reasons:

1. In recent days, there has been a significant increase in Bitcoin spot ETF inflows, reaching $232 million on Thursday;

2. Traditional financial giants such as Citadel, Goldman Sachs, UBS, and Citigroup will act as authorized participants in the BlackRock Bitcoin ETF, which is a major positive development;

3. The market continues to buy a large amount of Bitcoin call options (while Ethereum call options are being sold off in large quantities);

4. Bitcoin perpetual contract funding rates remain stable, forward curves are declining, and leverage levels are decreasing;

5. The upcoming Bitcoin halving narrative.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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