QCP Capital: The market generally lacks short-term optimism, and the upward space will still be limited

PANews March 27th news, QCP Capital issued an analysis pointing out that in the cryptocurrency market, market sentiment is still sluggish despite the compelling catalysts. GME unexpectedly raised $1.3 billion for Bitcoin allocation, but has not boosted overall market sentiment. The only silver lining is the steady inflow of BTC ETFs, totaling US$944.9 million since its expiration on March 14, 2025. In contrast, the outflow of ETH ETF during the same period was US$112.1 million. This presents a clear divergence, reflecting the institutional beliefs of market divergence.

On-chain development has brought some hope to ETH. With Pectra now successfully deployed on the Hoodi test network and expected a mainnet upgrade in the second quarter. Looking ahead to tomorrow's expiration date, BTC options worth $12.2 billion will expire with a maximum price of $85,000. BTC has begun to move lower from Monday's highs, with both BTC and ETH front-end trading volumes down 10 volumes. Spot trading was sideways consolidation and OI continued to decline, indicating that the market generally lacked short-term optimism. As PCE index data will be released tomorrow, any upside space will remain limited in the near term as the market is waiting for the clarity of Trump's next move in the escalating trade war.