QCP: Short-Term Bottom May Be Forming as Market Expects Range-Bound Trading

QCP Capital released market analysis on its official channel on February 11, noting Bitcoin and Ethereum rebounded from last week’s lows—sparking market optimism and potentially forming a short-term bottom. QCP still expects BTC to stay range-bound as the market awaits fresh catalysts; fund inflows remain a key driver. Yesterday, spot BTC ETFs posted a net inflow of $145 million, following Friday’s $371 million inflow—breaking the prior outflow trend and signaling a pickup in institutional demand. Spot ETH ETFs also flipped to a $57 million net inflow after three straight days of outflows, while Tom Lee’s BitMine continued accumulating, offering solid support for Ethereum. On the macro front, marginal easing is emerging. U.S.-Iran tensions appeared to ease following Friday’s talks, and weak employment data tilted markets toward a potential Fed rate cut in March. Current focus centers on nonfarm payrolls and the CPI report—these two data points are likely to quickly reshape Fed expectations and risk appetite. U.S.-driven spot selling pressure has abated, but market sentiment remains fragile (the Fear & Greed Index is still in extreme fear territory). The BTC/ETH ratio holds steady at 33–34, indicating limited rotation. While implied volatility has pulled back from highs, it remains elevated. With a week of heavy macro data ahead, actual volatility is expected to stay robust.