QCP analysis indicates that BTC spot ETFs recorded a net inflow of $2.2 billion this week, with strong institutional buying. With the normalization of perpetual contract funding rates, leveraged long positions have rapidly increased. Ethereum and Solana benefited from the positive feedback from the SEC on the collateralized ETF proposed by REX and rose synchronously. Despite strong spot performance, the sentiment in the options market remains cautious, with volatility approaching historical lows.