The QCP report states that the market has basically digested the expectation of a 25 basis point interest rate hike by the Federal Reserve, and the focus will shift to policy guidance in the future. The US CPI rose 3.4% year-on-year in August, with Bitcoin prices fluctuating between $76700 and $77600, and Ethereum remaining around $2500. Last week, the net outflow of spot Bitcoin ETFs was $462.7 million, which slowed down to $13.2 million on Friday, lower than Thursday's $282.7 million; The spot Ethereum ETF had a net inflow of $196.9 million, with a daily net inflow of $216.4 million on Friday. BTC resistance level ranges from $80000 to $82000, support level ranges from $75000 to $76000; ETH resistance level is between $2500 and $2550, support level is between $2400 and $2425, and secondary support level is between $2300 and $2350. The Senate will hold a procedural vote on the CLARITY Act on September 15th. (Source: Federal Reserve)
AI interpretation: The CPI data this time is significantly higher than market expectations, directly breaking the illusion of rapid inflation decline. Inflation stickiness not only delays the time window for interest rate cuts, but also forces the market to reassess the duration of tightening policies. This data highlights the necessity for the Federal Reserve to maintain high interest rates to suppress prices, posing direct valuation pressure on risk assets. The market pricing logic has shifted from the expectation of interest rate cuts to long-term adaptation to high interest rate environments.
