Ethereum

Bitcoin

BlackRock

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/insights-on-current-market-trends-from-qcp-analysts/" data-wpel-link="internal">Insights on Current Market Trends from QCP Analysts</a><br></p>
<p style="text-align: justify">We frequently share the current market outlooks from analysis companies, offering their perspectives to you. Reading the markets through different lenses and using this to refine your own view can be beneficial. Analysts cannot predict the future, but they can help you see details of the current situation that you might miss. So, what did the QCP Analysts highlight in their latest assessments?</p> 
<h2 style="text-align: justify" id="expert-market-commentary">Expert Market Commentary</h2> 
<p style="text-align: justify">Since their last assessment on January 24, the markets have significantly rebounded. The price of <a href="https://en.coin-turk.com/bitcoin-anchors-above-30000-impacts-crypto-market-and-altcoins/" data-wpel-link="internal">Bitcoin</a> has risen from $38,500 to over $44,700, and ETH is now above $2,420, following positive <a href="https://newslinker.co/" data-wpel-link="exclude">news</a> yesterday. QCP Analysts present two reasons for the recent recovery.</p> 
<h3 style="text-align: justify" id="decrease-in-gbtc-outflows">Decrease in GBTC Outflows</h3> 
<p style="text-align: justify">Daily <strong>GBTC</strong> outflows were around $500-600 million, and this supply was about to exceed the demand that other ETFs could meet. Fortunately, the volume of GBTC sales has weakened and fallen to the $100-200 million range. Considering all ETFs, the net positive inflow is promising.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-312549 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/QCP-Analist-Grafik-1.jpg" alt="" width="1280" height="294"></p> 
<blockquote> 
 <p style="text-align: justify">“As a side note, we observed some price peculiarities around spot ETF prices. Prices tend to rise between 3-4 PM EST. This is likely due to BlackRock ETF (IBIT) using a 1-hour observation window around this time to calculate the ETF’s Net Asset Value (NAV), and participants involved in creating ETF units hedge their risks during this window. Conversely, since GBTC uses a price fixing at 4 PM EST, we often see downward pressure on the price after 4 PM EST; this means market makers need to sell around and after this time.”</p> 
</blockquote> 
<h3 style="text-align: justify" id="u-s-stocks">U.S. Stocks</h3> 
<p style="text-align: justify">Despite a hawkish Fed (with Powell rejecting any cuts in March) and strong February NFP numbers (actual 353,000 vs. expected 180,000), leading to rising U.S. bonds, strong earnings from companies like NVDA and META have helped the market recover. We had discussed the recovery trend in stocks based on earnings reports last week.</p> 
<blockquote> 
 <p style="text-align: justify">“Any drop in stock prices is likely to continue being bought by under-allocated investors chasing returns. This bullish sentiment may lead BTC and ETH to follow narratives of the BTC halving and ETH spot ETF. We’ve seen strong interest in accumulators that allow investors to buy BTC or ETH at a significant discount from the current spot price. This is a great way to build long positions in anticipation of a rise towards the end of the year. BTC and ETH futures are also becoming attractive again.”</p> 
</blockquote> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/insights-on-current-market-trends-from-qcp-analysts/" data-wpel-link="internal">Insights on Current Market Trends from QCP Analysts</a></h5>

Insights on Current Market Trends from QCP Analysts

Table of Contents

COINTURK NEWS

Other articles published on Feb 8, 2024

NBA, Mark Cuban Sued Over Voyager Crypto Deal

Legal concerns for former crypto CEO Sam Bankman-Fried

Flood Raises $5.2 Million Seed Round to Democratize Ethereum’s Order Execution Led by Bain Capita...

Can MicroStrategy Stock Be a Competitive Alternative to Bitcoin ETFs?

Kresus Crypto Wallet To Provide Secure Digital Art and NFT Storage via Sotheby’s Metaverse

Bitcoin Exchange Binance Introduced its 46th Launchpool Project!

Join our free newsletter for daily crypto updates!