QCP Capital: $BTC volatility is expected to remain high.

QCP Capital posted on its official channel that the US JOLTs job openings data fell to the lowest level since January 2021, while layoffs rose to the highest point since March 2023. The market reaction is to expect a 50% chance of a 50 basis point rate cut by the Federal Reserve in September.

$BTC rose to over $58,500 and

$ETH approached $2,500 during the US trading session, but prices fell back to $57,000 and $2,400 respectively during the Asian trading session. Overnight BTC spot ETF outflows were the lowest in the past 6 trading days (-$37.5 million).

Volatility remained high at the front end of the week, with BTC volatility

up 6% from this week's low. Given yesterday's VMI signal, we expect volatility to remain high.