QCP: Short-Term Bottom May Be Forming as Market Expects Range-Bound Trading

BlockBeats News, February 11th, QCP Capital released market analysis on its official channel, stating that Bitcoin and Ethereum rebounded from last week's low, sparking market optimism and potentially forming a short-term bottom. QCP still expects BTC to maintain its range-bound pattern as the market awaits new catalysts. Fund inflows remain a key driving factor.

Yesterday, the spot BTC ETF recorded a net inflow of $145 million, following Friday's $371 million inflow, ending the previous outflow trend and indicating a resurgence in institutional demand. The spot ETH ETF also saw a switch to a $57 million net inflow after three consecutive days of outflows, while Tom Lee's BitMine continued to accumulate, providing strong support for Ethereum.

On a macro level, marginal moderation is observed. The tension between the US and Iran seemed to ease after negotiations last Friday, and weak employment data inclined the market towards a possible Fed rate cut in March. The current focus is on non-farm payroll data and the CPI report, with these two pieces of data likely swiftly reshaping Fed expectations and risk appetite. The US-led spot selling pressure has eased, but market sentiment remains fragile, with the fear and greed index still at an extremely fearful level. The BTC/ETH ratio remains stable in the 33 to 34 range, indicating limited rotation. Although implied volatility has retreated from its highs, it remains elevated. As we approach a week packed with macro data, actual volatility is expected to remain robust.