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

QCP Capital's analysis points out that in the cryptocurrency market, despite eye-catching catalysts, market sentiment remains depressed. GME unexpectedly raised $1.3 billion for Bitcoin allocation but has not yet boosted overall market sentiment. The only glimmer of hope is the steady inflow of BTC ETFs, totaling $944.9 million since its expiration on March 14, 2025. In contrast, the outflow of ETH ETF during the same period was $112.1 million. This presents a clear divergence reflecting divergent institutional beliefs in the market.

On-chain developments have brought some hope to ETH with Pectra now successfully deployed on Hoodi testnet and expected to undergo mainnet upgrade in Q2. Looking forward to tomorrow's expiry date, BTC options worth $12.2 billion will expire at a maximum price of $85,000 USD per BTC . BTC has started to decline from Monday's high point with both BTC and ETH front-end trading volumes down by 10 units each respectively . Spot trading is consolidating sideways while OI continues to decline indicating a general lack of short-term optimism in the market . Any upward space will still be limited in the short term as PCE index data will be released tomorrow because markets are waiting for clarity on Trump’s next move amidst this escalating trade war.