BlockBeats news, October 12, Coinbase analysts David Duong and David Han said that despite the sluggish price trend of Bitcoin this week, "market sentiment has remained largely unchanged, as evidenced by the stability of perpetual contract funding rates and the number of open contracts over the past week."
Coinbase analysts pointed out that the macro factors affecting the performance of cryptocurrencies are shifting from monetary policy to the results of the US election. Despite the recent rise in CPI and core PPI, market expectations for rate cuts remain roughly stable.
They also mentioned that China's fiscal policy briefing this Saturday may indirectly affect the cryptocurrency market, especially during a time period when many markets will be closed.
"The cryptocurrency market may be used to express proxy views on the scale and intensity of any fiscal policy announcement." (The Block)