Analysis: The current crypto market is unclear and lacks confidence. The market is focusing on Thursday's CPI data.

QCP Capital, a crypto investment institution in Singapore, published an analysis saying that stock futures continued to rise, despite the fact that the non-farm payroll data last Friday fell short of expectations and the momentum of job growth had already shown signs of fatigue in June, ending the 53-month growth record at that time. At the same time, the 2-year U.S. Treasury yield fell to its lowest point of the year as the market expected the Federal Reserve to cut interest rates by 72 basis points this year. However, the risk appetite stimulated by the expectation of a rate cut has not been transmitted to the cryptocurrency market. The stock market has rebounded and gold has hit a new high, but cryptocurrencies have moved independently and performed flatly. The market may regard its sideways consolidation as bearish, and the risk reversal indicator shows an increase in demand for put options expiring in September. However, some believe that this reflects the resilience of cryptocurrencies. For example, Bitcoin remained above $110,000 after being excluded from the S&P 500 by Strategy, and Ethereum remained at $4,250 after five consecutive days of capital outflow from the spot ETF.