Wu said that the latest report from QCP Capital pointed out that China's A50 index fell 7% today and 17% from its recent highs, due to the lack of fiscal stimulus and low investor sentiment. However, US stocks continued to rise against the backdrop of uncertainty in the Middle East and the US election, and the bond market expected two interest rate cuts in 2024, less than the previous expectation of three. In the crypto market, meme token trading volume surged, and traders were heavily invested in the latest "hippo" or "cat" narrative. The perpetual contract funding rate of Deribit and Binance rose, indicating a reduction in short positions or an increase in long positions. QCP expressed caution about the bullish sentiment in the market, believing that downward fluctuations are often likely when the market is most optimistic.