QCP Capital: Market expects more downward pressure due to new supply

QCP Capital's latest report pointed out that the latest US CPI data was in line with market expectations, and the market's expectations for the Fed's 25 basis point rate cut in September rose from 47.5% to 62.5%. Although the inflation data was mild, the market briefly reacted to the rise in stocks and cryptocurrencies, but this rise was quickly reversed by the US government's transfer of 10,000 BTC to Coinbase Prime and Jump's sale of 17,000 ETH. In the options market, the volatility of short-term options for BTC and ETH fell by about 10 points after the CPI was released, and the risk reversal indicator fell further, indicating that the market expects more downward pressure due to new supply.