QCP Capital optimistic about spot BTC and ETH ETFs
The Singapore-based crypto trading firm said a narrative around spot ETH ETFs should fuel market sentiment ahead of a widely anticipated green light for similar products tied to Bitcoin spot prices. QCP Capital published a market update highlighting factors behind bullish movements in crypto’s ecosystem while cautioning investors against risky bets as Bitcoin approached crucial resistance levels. The company reaffirmed Analysis from its Q4 2023 forecast which pointed to approval for spot Bitcoin ETFs as a driving force behind rallying crypto prices. Additionally, a surge in Bitcoin futures open interest (OI) indicated buoyed demand from institutional players according to QCP. OI inflows allowed the Chicago Mercantile Exchange (CME) to leapfrog Binance as the top venue for Bitcoin futures. This is the first in two years that CME has managed to overshadow crypto’s leading exchange by trading volume, per crypto.news. While QCP maintained that a spot Bitcoin ETF approval w...