QCP Capital: BTC spot ETF had a net inflow of 8,775 coins last week, and the market rebound may be driven by spot

Odaily News QCP Capital wrote that as BTC and ETH returned to above $85,000 and $2,000 respectively, the crypto market rebounded moderately over the weekend, mainly driven by the rebound in U.S. stock futures. Federal Reserve Chairman Powell's "easing" speech at the FOMC meeting last week eased market tensions, and the Crypto Fear and Greed Index rebounded from 32% last week to 45% this week.
It is worth noting that the BTC spot ETF recorded a net inflow of 8,775 BTC (about 744 million US dollars) last week, ending several weeks of capital outflows, indicating that liquidity may begin to flow back into the crypto market. At present, the open interest of perpetual contracts is still low and the funding rate is stable, indicating that this rebound may be driven by spot rather than leverage.
Despite the boost from ETF inflows, QCP remains cautious about the continued rise in the crypto market. The new round of tariffs to be implemented on April 2 may put pressure on risky assets again. The current options market is neutral and wait-and-see, with implied volatility of all maturities continuing to decline and risk reversals falling to a flat level, which has eased compared to the obvious bearish skew last week. QCP said it will pay attention to whether this round of gains will repeat the trend of last Monday - a rapid pullback within 48 hours after the rise on Sunday.