PANews reported on March 27 that QCP Capital published an analysis pointing out that in the cryptocurrency market, despite compelling catalysts, market sentiment remains depressed. GME unexpectedly raised $1.3 billion for Bitcoin allocation, but it has not yet boosted overall market sentiment. The only glimmer of hope is the steady inflow of the BTC ETF, which has totaled $944.9 million since its expiration on March 14, 2025. In contrast, the ETH ETF had an outflow of $112.1 million during the same period. This presents a clear divergence, reflecting the institutional beliefs of the market divergence.

On-chain developments offer some hope for ETH. With Pectra now successfully deployed on the Hoodi testnet and expected to undergo a mainnet upgrade in Q2. Looking ahead to tomorrow’s expiration date, $12.2 billion worth of BTC options will expire with a maximum price of $85,000. BTC has begun to move lower from Monday’s highs, with both BTC and ETH front-end volumes down by 10 trading volumes. Spot trading is moving sideways and OI continues to move lower, indicating a general lack of short-term optimism in the market. With PCE index data due tomorrow, any upside will remain limited in the short term as the market awaits clarity on Trump’s next move in this escalating trade war.