Singapore-based QCP Capital said there has been unusually large selling in the Perp-June Basis of BTC and ETH in the last two days, causing the entire forward curve to compress to 15-17%. They suspect the flow could be related to Ethena or could be large investors squeezing out high forward returns while reducing leveraged positions. In addition, despite smaller price fluctuations in the past week, QCP Capital said it still found that bullish sentiment on BTC has increased. The main reasons i...

Singapore-based QCP Capital said there has been unusually large selling in the Perp-June Basis of BTC and ETH in the last two days, causing the entire forward curve to compress to 15-17%. They suspect the flow could be related to Ethena or could be large investors squeezing out high forward returns while reducing leveraged positions. In addition, despite smaller price fluctuations in the past week, QCP Capital said it still found that bullish sentiment on BTC has increased. The main reasons i...