QCP Capital: Signs of bullishness detected, current market is overly positioned to the downside
ChainCatcher message, QCP Capital stated in its latest market analysis that it sees bullish signs.
The reasons are as follows:
BTC worth $200 million was later returned to the German police from the exchange, indicating that these assets did not enter the market.
Strong demand is reflected through rapid bottom-fishing purchases, with ETF inflows reaching $295 million on July 8, the highest in 21 days.
Despite thin liquidity, both BTC and ETH set higher lows this week, and declines were met with aggressive buying.
The market reacts strongly to supply changes, indicating speculative selling pressure rather than real spot demand. This may suggest that the market is overly positioned to the downside.
The market needs a catalyst. The ETH spot ETF is expected to start trading around July 15. A positive market reaction could enhance liquidity and potentially lead to unexpected gains.
