Cryptocurrency trading firm QCP Capital shared an update about the cryptocurrency market.
QCP Capital, which accurately predicted that last weekend would be challenging, shed light on what might happen in the coming days, including this weekend.
Analysts noted that Bitcoin and Ethereum have entered a consolidation phase, suggesting that this weekend could be calmer and that the market may likely take a deep breath.
QCP Capital also pointed out that important events like US interest rate data are behind us and there aren’t any major planned events in the near future, indicating that the turbulence due to Ethereum’s ETF issues has been somewhat overcome.
Another significant figure who commented on the market is Pythagoras Investments Capital Formation Director Semir Gabeljic.
In an email to CoinDesk Global, Semir Gabeljic said, “Net outflows from spot Bitcoin ETFs are the biggest catalyst, and Bitcoin may see more volatility as it heads to the halving:
With BTC, we continue to see choppy trading, and the latest catalyst is driven by an approximately $300 million outflow from GBTC spot Bitcoin ETFs on March 20th. Historically, we have seen it occur immediately before BTC halving event, and the drop still aligns with the expected 10-20% range. Expecting more volatility as BTC heads to the halving.
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