According to Odaily Planet Daily, QCP Capital's latest report indicates that last week's non-farm payroll data fell short of expectations, US stock futures continued to rise, and the two-year Treasury yield fell to a year-to-date low, with the market betting on a 72 basis point interest rate cut this year. However, the risk appetite brought about by the expectation of a rate cut has not been transmitted to the crypto sector, and cryptocurrencies have remained sideways over the past week.

The report states that risk reversals indicate a significant increase in demand for put options expiring in September, suggesting the market may interpret sideways trading as a bearish signal. However, some argue that Bitcoin's continued holding above $110,000 after being removed from the S&P 500 by Strategy, and Ethereum's stability above $4,250, demonstrate asset resilience. QCP Capital believes this lack of direction reflects market caution ahead of Thursday's US CPI release, and short-term implied volatility is expected to remain elevated. If inflation data exceeds the expected 0.3%, the Federal Reserve's path to rate cuts could be further complicated. However, given the limited impact of tariffs, the Trump administration is unlikely to escalate trade frictions further.