QCP Capital: Grayscale's ETH Outflows, Govt BTC Transfer Dampen Crypto Market

QCP Capital: Grayscale's ETH Outflows, Govt BTC Transfer Dampen Crypto Market

QCP Capital Anticipates Continued Outflows from Grayscale's ETHE Singapore-based crypto exchange QCP Capital predicts sustained outflows from Grayscale's Ethereum (ETH) Trust (ETHE) in the coming weeks. This outlook aligns with yesterday's $33.6 million inflow into the U.S. Ethereum (ETH) spot exchange-traded fund (ETF). Government's BTC Transfer Adds to Market Uncertainty QCP Capital also highlighted the impact of the U.S. government's transfer of approximately 30,000 BTC from Silk Road seizures. This move has further heightened market uncertainty. Bitcoin's Struggle at $70K Resistance QCP Capital noted that Bitcoin's (BTC) repeated failures to break above $70,000 suggest the continuation of range-bound trading conditions. If ETH spot ETF outflows ease in the next one to two weeks, ETH may present a more favorable position for long positions than BTC. QCP Capital's Year-End ETH Target Despite current market headwinds, QCP Capital maintains its year-end target for ETH to surpass its previous highs near $4,000. Global Risk-Off Sentiment Weighs on Crypto QCP Capital warns of growing global risk-off sentiment, fueled by the Federal Open Market Committee's (FOMC) unlikely interest rate cut in its upcoming meeting on August 1. This risk aversion is expected to dampen all assets, including cryptocurrencies.