According to PANews, Singapore-based QCP Capital has reported an unusually large sell-off in BTC and ETH's Perp-June Basis in the past two days, causing the entire forward curve to compress to 15-17%. They suspect that this liquidity may be related to Ethena, or it could be large investors squeezing high forward returns while reducing leveraged positions.
Despite minor price fluctuations over the past week, QCP Capital still noticed an increase in bullish sentiment for BTC. The main reasons include an increase in inflow of funds into BTC spot ETFs, traditional financial institutions joining Blackrock's ETF, and other positive news. Additionally, there has been a large purchase of BTC bullish options, a reduction in BTC leverage, and the upcoming BTC halving event.