QCP Capital is optimistic about the introduction of spot BTC and ETH ETFs, according to a recent market update. The Singapore-based crypto trading firm believes that the approval of spot Bitcoin ETFs will have a positive impact on the crypto market. QCP Capital also highlighted the surge in Bitcoin futures open interest, which indicates increased demand from institutional players. The Chicago Mercantile Exchange (CME) has surpassed Binance as the leading Bitcoin futures exchange in terms of trading volume. While QCP Capital expects a spot Bitcoin ETF approval in January 2024 at the earliest, they believe that BlackRock’s bid for a spot ETH ETF could keep the market active in the meantime. The recent registration of BlackRock’s iShares Ethereum Trust in Delaware led to a notable increase in the price of Ether. QCP Capital also mentioned that macroeconomic indicators could drive risk assets to higher prices, prompting traders to invest capital. However, they cautioned that price pullbacks may occur due to a bearish divergence in Bitcoin’s RSI chart. Despite this, QCP Capital remains bullish on the overall outlook of the crypto market.