QCP Capital: The market is watching whether Powell's speech will break the current range of $112,000 to $120,000

According to QCP Capital, Bitcoin funding rates have turned negative, with risk reversals favoring put options, indicating a cautious market ahead of the Jackson Hole meeting. However, institutional demand remained strong, with Metaplanet increasing its holdings by 775 BTC over the weekend. Despite the unexpectedly strong PPI data (0.9% vs. 0.2%), which increased uncertainty about Fed policy, BTC prices remained in the $112,000 to $120,000 range. Markets are focused on whether Fed Chairman Powell's speech will break the current range or whether the market will...