QCP Capital: Spot funds in the crypto market are warming up, and despite the Rebound, macro pressure still exists.

QCP Capital analysis shows that the Fear and Greed Index, reflecting market sentiment, improved from 32% last week to 45% this week, approaching the neutral value of 49%, indicating a slight easing of overall risk aversion sentiment. A highlight in the market comes from the inflow of spot Bitcoin ETF, with a total of 8,775 BTC flowing in last week, equivalent to about $744 million, reversing the trend of net outflows in the previous weeks. This could be an early signal of liquidity starting to flow back into the crypto market. Currently, the open interest in perpetual futures (Perp OI) remains low, and the funding rate is relatively stable, indicating that this pump is mainly driven by spot demand rather than leverage. The new round of tariff increases set to start on April 2 may again put pressure on risk assets.