Bitcoin
Bitcoin (BTC)
$66,867.00 5.24671
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Ethereum
Ethereum (ETH)
$3,503.67 3.06543
Ethereum price
BNB
BNB (BNB)
$593.12 4.55617
BNB price
Solana
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$170.77 9.53851
Solana price
XRP
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$0.5852660 2.94025
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$0.0000179 3.46179
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$0.0000125 9.68649
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Bonk
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$0.0000316 21.05346
Bonk price
Bitcoin
Bitcoin (BTC)
$66,867.00 5.24671
Bitcoin price
Ethereum
Ethereum (ETH)
$3,503.67 3.06543
Ethereum price
BNB
BNB (BNB)
$593.12 4.55617
BNB price
Solana
Solana (SOL)
$170.77 9.53851
Solana price
XRP
XRP (XRP)
$0.5852660 2.94025
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000179 3.46179
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000125 9.68649
Pepe price
Bonk
Bonk (BONK)
$0.0000316 21.05346
Bonk price
Bitcoin
Bitcoin (BTC)
$66,867.00 5.24671
Bitcoin price
Ethereum
Ethereum (ETH)
$3,503.67 3.06543
Ethereum price
BNB
BNB (BNB)
$593.12 4.55617
BNB price
Solana
Solana (SOL)
$170.77 9.53851
Solana price
XRP
XRP (XRP)
$0.5852660 2.94025
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000179 3.46179
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000125 9.68649
Pepe price
Bonk
Bonk (BONK)
$0.0000316 21.05346
Bonk price
Bitcoin
Bitcoin (BTC)
$66,867.00 5.24671
Bitcoin price
Ethereum
Ethereum (ETH)
$3,503.67 3.06543
Ethereum price
BNB
BNB (BNB)
$593.12 4.55617
BNB price
Solana
Solana (SOL)
$170.77 9.53851
Solana price
XRP
XRP (XRP)
$0.5852660 2.94025
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000179 3.46179
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000125 9.68649
Pepe price
Bonk
Bonk (BONK)
$0.0000316 21.05346
Bonk price

QCP Capital optimistic about spot BTC and ETH ETFs

qcp-capital-optimistic-about-spot-btc-and-eth-etfs
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QCP Capital optimistic about spot BTC and ETH ETFs

The Singapore-based crypto trading firm said a narrative around spot ETH ETFs should fuel market sentiment ahead of a widely anticipated green light for similar products tied to Bitcoin spot prices.

QCP Capital published a market update highlighting factors behind bullish movements in crypto’s ecosystem while cautioning investors against risky bets as Bitcoin approached crucial resistance levels. 

The company reaffirmed analysis from its Q4 2023 forecast which pointed to approval for spot Bitcoin ETFs as a driving force behind rallying crypto prices. Additionally, a surge in Bitcoin futures open interest (OI) indicated buoyed demand from institutional players according to QCP. 

OI inflows allowed the Chicago Mercantile Exchange (CME) to leapfrog Binance as the top venue for Bitcoin futures. This is the first in two years that CME has managed to overshadow crypto’s leading exchange by trading volume, per crypto.news.

While QCP maintained that a spot Bitcoin ETF approval would likely arrive no sooner than January 2024, the trading shop said BlackRock’s bid for a spot ETH ETF could keep markets warm in the interim. 

The price of Ether notably jumped from around $1,900 to over $2,100 on Nov. 9 after BlackRock registered its iShares Ethereum Trust in Delaware.

QCP added that macroeconomic indicators could bootstrap risk assets for high prices and spur traders to deploy capital for fear of missing out (FOMO).

Macro developments have also been supportive of risk assets. Job data in the US has for the longest time pointed to a strong US economy, whilst soft data has alluded otherwise. November’s NFP print, however, was not only lower, but even came below consensus!

QCP Capital

The firm presented a generally bullish outlook on crypto markets but warned that price pullbacks might be en route due to a triple bear divergence spotted in Bitcoin’s RSI chart. “Dips will be swiftly bought into as FOMO traders try to get onto the train,” said QCP predicting more inflows in the event of a market cool-off.

QCP Capital optimistic about spot BTC and ETH ETFs - 1
Bitcoin chart showing key resistance level | Source: TradingView