QCP Capital: US macro data this week is key inflection point for crypto

While the cryptocurrency market is experiencing a short-term rebound, its future direction will be largely determined by this week's U.S. economic data and Bitcoin ETF flows, according to an analysis by QCP Capital. The firm noted that key indicators to watch are the Producer Price Index (PPI), Personal Consumption Expenditures (PCE) price index, and Gross Domestic Product (GDP) figures. QCP Capital explained that recent dovish remarks from the Federal Reserve have pushed the probability of a December interest rate cut to around 75%, suggesting a potential shift in global market liquidity. In the options market, open interest for year-end call options continues to exceed that of put options, with major strike prices concentrated at $85,000, $120,000, $130,000, $140,000, and $200,000. The firm views this as a signal that positioning in the derivatives market remains bullish.