QCP Capital: If the CPI data meets expectations and the FOMC results are neutral, it may drive the cryptocurrency market to break through its highs

2024-06-12 20:08:45

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ChainCatcher message, Singaporean crypto investment firm QCP Capital stated that the spot prices of BTC and ETH are still fluctuating within a range as traders await the release of CPI data and tonight's FOMC meeting.

They are optimistic about tonight's events for the following reasons:

BTC futures basis has rebounded from a low of 10% and rose yesterday, as traders took profits by closing short futures positions. With any catalyst, we could easily see yields pushed above 15%.
Today, we observed significant buying of futures contracts for June 13, along with a notable increase in funding rates, indicating that the market is preparing for an upside surprise.

Given that the stock market has closed at a historic high for the second consecutive time, QCP Capital believes that if the CPI data meets expectations and the FOMC results are neutral, the cryptocurrency market may test its highs again.

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