QCP: Bitcoin perpetual contract funding rate fell to the lowest level since 2022 last weekend, and the market is bearish

QCP Capital said in its latest market analysis that the stock market is unusually optimistic, with US stocks at all-time highs and Asian stocks largely bullish today as the market expects the US to cut interest rates and achieve a soft landing. However, there are still signs of nervousness in the market, as the options market expects Powell's speech at Jackson Hole on Friday to cause a 1% move in the S&P 500. In contrast to stocks, the sentiment in the cryptocurrency market is very pessimistic. Last weekend, the funding rate for Bitcoin perpetual contracts fell to -13%, the lowest level since 2022. The market seems to have ignored the possibility of further unwinding of the yen/dollar carry trade. According to Bloomberg, funds such as Vanguard are increasing their bets on further interest rate hikes by the Bank of Japan. Whether this will be a catalyst for another decline in the entire market is unknown. However, QCP added that it remains optimistic and bullish on the market.