According to TechFlow, QCP Capital's latest report pointed out that tonight's CPI release has attracted market attention, and the probability of a rate cut in September is expected to be 70%. Despite the continued rise in the stock market, the crypto market has not yet reflected this optimism. BTC volatility increased by 5 percentage points in the early trading, and risk reversal favored upward volatility. Yesterday, the German government transferred 10,853.5 BTC to exchanges and market makers, and currently only 13,110 BTC is left in its wallet. 36,748.4 BTC has been transferred out since mid-June, indicating that supply pressure may ease. Milder CPI data may be a catalyst for breaking through the current range, especially with the upcoming launch of Ethereum spot ETF trading next week.