PANews reported on April 6 that Singapore-based QCP Capital said that the Perp-June Basis of BTC and ETH has seen an unusually large sell-off in the past two days, resulting in the entire forward curve compressing to 15-17%. They suspect that this flow may be related to Ethena or that large investors are squeezing out high forward gains while reducing their leveraged positions. In addition, despite the small price volatility over the past week, QCP Capital said it still saw an increase in bullish sentiment for BTC, mainly due to increased inflows into BTC spot ETFs, positive news such as traditional financial institutions joining Blackrock's ETFs, massive purchases of BTC call options, reduced BTC leverage, and the upcoming BTC halving event.