QCP Capital 最新报告指出，周一市场动荡后，资产已大部分恢复，但未来几天系统性基金可能继续因高波动性而削减风险敞口，继续关注纳斯达克、日经和美元兑日元的交叉资产相关性。QCP 还认为，美联储在 9 月和 10 月不会进行紧急降息，以避免引发恐慌。市场波动最剧烈的阶段已经过去，建议建立 3-6 个月时间范围内的长期看涨头寸。

<div>QCP Capital 最新报告指出，周一市场动荡后，资产已大部分恢复，但未来几天系统性基金可能继续因高波动性而削减风险敞口，继续关注纳斯达克、日经和美元兑日元的交叉资产相关性。QCP 还认为，美联储在 9 月和 10 月不会进行紧急降息，以避免引发恐慌。市场波动最剧烈的阶段已经过去，建议建立 3-6 个月时间范围内的长期看涨头寸。<br><br></div>

QCP Capital：关注纳斯达克、日经和美元兑日元的交叉资产相关性

According to the latest report from QCP Capital, after the market turbulence on Monday, the assets have largely recovered, but over the next few days, systematic funds may continue to reduce their risk exposure due to high volatility, and continue to focus on the cross-asset correlation between Nasdaq, Nikkei, and USD/JPY. QCP also believes that the Federal Reserve will not make emergency rate cuts in September and October to avoid causing panic. The most volatile phase of market fluctuations has passed, and it is recommended to establish long-term bullish positions within a 3-6 month time frame.

<div>QCP Capital&#39;s latest report pointed out that after the market turmoil on Monday, assets have largely recovered, but systematic funds may continue to cut risk exposure due to high volatility in the next few days, and continue to pay attention to the cross-asset correlation of Nasdaq, Nikkei and USD/JPY. QCP also believes that the Federal Reserve will not make emergency rate cuts in September and October to avoid triggering panic. The most volatile phase of the market has passed, and it is recommended to establish a long-term bullish position in the 3-6 month time frame.<br><br></div>

QCP Capital: Focus on the cross-asset correlation between Nasdaq, Nikkei, and USD/JPY.

According to the latest report from QCP Capital, the United States once again provided the much-needed support in the market panic, especially in the cryptocurrency market, with strong spot buying seen on Coinbase's order book. By the end of the US trading session, Bitcoin rebounded to $56,000 and Ethereum rebounded to $2,500. QCP believes that the likelihood of an emergency rate cut is low, as this would severely damage the Fed's credibility and exacerbate market panic, fueling expectations of an impending economic recession. Additionally, yesterday's risk aversion led to the liquidation of a large number of leveraged positions.

QCP Capital: The purchasing power of the United States has stepped in to help, and the possibility of an emergency rate cut is not high.

According to the latest report by QCP Capital, the panic selling and liquidation in the Asian early trading session caused BTC and ETH to drop to lows of $49,000 and $2,116, respectively. The direct trigger for this decline was the aggressive ETH sell-off by Jump Trading and Paradigm VC, which caused the front-end ETH volatility to surge above 30% to reach 120%, prompting market makers to aggressively reduce their short-term option gamma positions. Additionally, the poor US employment data last Friday, the deteriorating macroeconomic sentiment, and the widespread unwinding of positions across various assets led to a significant increase in market volatility. The VIX index reached 50 (only higher during the COVID-19 pandemic and the 2008 financial crisis), and the one-month at-the-money volatility of the USD/JPY pair spiked to 16%, further triggering more liquidations. Global risk sentiment also intensified due to Israel's killing of a Hamas leader over the weekend, with Iran vowing to take action, and the US beginning to deploy troops to the Middle East. Despite the market turmoil, the forward basis and funding rates have performed well.

QCP Capital: The aggressive sell-off by Jump Trading and Paradigm may have been the trigger factor for this recent decline in ETH.

The Federal Reserve's interest rate hike may come soon, which means that a "larger" increase than the Bank of Japan's rate hike is about to come.

Written by: Huohuo

On August 5th, the Bank of Japan's interest rate hike caused a violent shock in the global financial market, with the Japanese stock market and the US stock market both crashing, and the cryptocurrency market's Bitcoin fear index soaring by nearly 70%. Stock markets in multiple countries experienced circuit breakers several times, and even the European and emerging markets were noticeably affected. Under the tremendous market pressure, people began to seek remedies and called for the Federal Reserve to cut interest rates to rescue the market. The Federal Reserve's interest rate hike may come soon, which means that a "larger" increase than the Bank of Japan's rate hike is about to come. Whether...