QCP Capital pointed out that ETH is approaching $4000 driven by continued net inflows into the Spot ETF, with seven-day capital inflows consistently surpassing BTC, while ETH's market capitalization is only one-fifth of BTC. Despite the slowdown in BTC ETF inflows, its price remains stable, and last Friday's sale of 80,000 BTC was also quickly absorbed. Currently, market leverage is high, with the perpetual open interest of ETH and BTC close to a one-year high, and the funding rate exceeding.

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