QCP Capital published an update on its official channel, stating that U.S. JOLTs job openings data has dropped to its lowest level since January 2021, while layoffs have risen to the highest level since March 2023. The market’s response suggests a 50% chance that the Federal Reserve may cut interest rates by 50 basis points in September.
During the U.S. trading session, Bitcoin (BTC) surged above $58,500, and Ethereum (ETH) approached $2,500. However, during the Asian trading session, prices retraced to $57,000 for BTC and $2,400 for ETH. Overnight, BTC spot ETF outflows reached the lowest level in the past six trading days, amounting to -$37.5 million.
The front-end volatility remained elevated this week, with BTC volatility rising by 6% from the week’s lows. Given yesterday’s VMI signal, we expect volatility to remain at elevated levels.
