According to Wu, QCP Capital published a statement saying that the U.S. stock market soared to a new high due to Powell's statement that the U.S. economy is developing along a disinflationary path, but this upward momentum failed to be transmitted to BTC and ETH, and the prices hovered above $60,000 and $3,300 respectively.
Despite the sell-off, the options market remains biased to the bullish side, suggesting the market is still anticipating a year-end rebound, consistent with the significant buying interest observed in long-term options in the $100,000/120,000 range.
Looking ahead, BTC is expected to remain sluggish in the third quarter as the market remains uncertain about the supply released by Mt. Gox.