QCP: The current market rebound may be primarily driven by real spot demand rather than leverage-driven factors

2025-03-24 17:23:51

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ChainCatcher news, QCP Capital's latest analysis indicates that last week, the net inflow of spot Bitcoin exchange-traded funds (ETFs) was 8,775 Bitcoins (approximately $744 million), reversing the previous trend of net outflows for several weeks.

Driven by this influx of funds, the cryptocurrency market saw a slight rebound over the weekend, with Bitcoin and Ethereum respectively breaking back above $85,000 and $2,000. The cryptocurrency Fear and Greed Index improved from 32% last week to 45% this week, indicating a relief in market risk aversion sentiment.

Analysis shows that this rebound is mainly driven by real spot demand rather than leverage, as the open interest in perpetual contracts remains sluggish and funding rates stay stable. However, QCP maintains a cautious attitude towards sustained upward breakthroughs, reminding investors to pay attention to the upcoming tariff escalation on April 2, which may put pressure on risk assets.

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