[Victory Securities: The Fed’s dovetailing of Bitcoin prices may rise] Golden Finance reported that Zhou Lele, deputy chief operating officer of Victory Securities, said that in terms of fundamentals, SOFR (Secured Overnight Financing Rate) has returned to normal and market liquidity has recovered. Federal Reserve Chairman Powell's dovish voice said that the time has come for policy adjustments. As soon as this news came out, CME Group priced a rate cut in September. U.S. stocks and virtual assets rose in response, driving market sentiment to recover. From the perspective of technical indicators, the 5-day line crosses the 25-day line to form a golden cross, and the K-line stands above the 99-day moving average, breaking through the pressure level of the downward channel for a long time, which may mark the start of the upward trend. Taking these signals together, the technical perspective is relatively optimistic, and prices may have the potential to rise further in the future. In terms of capital flow, the OTC Bitcoin ETF achieved significant growth, with a net inflow of US$506 million last week; the Ethereum ETF was in a relatively weak position due to Grayscale's continued selling pressure, with a net outflow of US$40 million last week. Overall, positive changes in fundamentals complement technical signals and market sentiment has improved significantly. Capital flows and active derivatives markets further enhanced market momentum. If the current trend continues, the market may maintain its upward trend in the short term.
