QCP Capital: Bullish demand and spot ETF inflows may push Bitcoin above $70,000 over the weekend

Odaily Odaily News Crypto market maker QCP Capital said in its latest research report that the crypto market performed poorly at the beginning of the second quarter of 2024. Bitcoin prices fell below $70,000 and fluctuated in a narrow range. The scale of ETF inflows is not enough to catalyze price movements; the funding rate has stabilized, the front end of the forward curve has fallen from a high of 50% to below 20%, while the back end of the forward curve is still high, so it can be inferred that investors are interested in longer-term spot-forward basis positions. This may be due to the demand for long-term Bitcoin options continuing until 2025. QCP also said that Bitcoin bullish demand and the upward momentum of spot ETF inflows will support Bitcoin prices and are expected to push Bitcoin above $70,000 this weekend. On the other hand, Ethereum continues to be weak. ETH/BTC is testing key support levels after falling below 0.05. The market continues to sell a large number of Ethereum call options, which has depressed implied volatility and put some downward pressure on prices.