QCP: The "September Effect" drags down the market, but optimism still exists as we approach the end of the year.

On September 25, QCP released its daily market observation stating that as September comes to a close, the cryptocurrency market remains under pressure. The U.S. stock market saw a significant decline overnight, although Chinese concept stocks performed relatively well, outperforming the broader market. Bitcoin is currently barely holding at the support level of $111,700, while Ethereum has fallen below the $4,100 mark that it maintained since early August. If the price breaks down further, recent lows may be tested again, with the next levels to watch being $107,000 for BTC and $3,300 for ETH. Despite the market facing selling pressure, there are almost no signs of a decrease in institutional demand. The Bitcoin Spot ETF attracted $241 million in inflows overnight, ending two consecutive days of outflows. Signs of Buy the Dips remain evident, with $118,000 BTC call options dominating the options trading activity for October. As the fourth quarter approaches (a historically more positive phase), market optimism persists, supported by a looser credit environment. The market currently anticipates two more 25 basis point rate cuts in October and December. This expectation will likely continue unless next week's non-farm payroll data is unexpectedly strong.