QCP Capital: Although there was little price fluctuation last week, bullish sentiment for BTC has increased

ChainCatcher news, QCP Capital stated that in the past two days, there has been an unusually large sell-off in the BTC and ETH Perp-June Basis, causing the entire forward curve to compress to 15-17%.

They suspect that this liquidity may be related to Ethena, or it could be large investors reducing leverage positions while squeezing high forward yields.

Additionally, despite the relatively small price fluctuations over the past week, they have observed an increase in bullish sentiment for BTC. The main reasons include increased inflows into BTC spot ETFs, positive news about traditional financial institutions joining Blackrock's ETF, significant purchases of BTC call options, reduced BTC leverage, and the upcoming BTC halving event.