QCP Asia Colour – 24 March 25 Crypto markets staged a modest rebound over the weekend, with BTC and ETH breaking back above $85k and $2k respectively. The recovery appears to have been led by equities, with equities futures clocking in a solid bounce. While recessionary concerns continue to hover, Powell's remarks at last week's FOMC meeting, though measured, helped soothe investors' nerves. The Crypto Fear & Greed Index has improved from 32% last week to 45% this week (49% being neutral), reflecting a broader easing of risk aversion. A notable bright spot came from spot BTC ETF inflows, which grew substantially with 8,775 BTC (equivalent to $744m) purchased last week. This marks a sharp reversal after several consecutive weeks of net outflows and signals early signs of liquidity rotating back into crypto markets. With perp OI still subdued and funding rates flat, the rally appears driven by genuine spot demand rather than leverage, a critical distinction given that leverage-fuelled moves tend to unwind abruptly…