PANews reported on September 25th that QCP Capital, a Singapore-based crypto investment firm, stated in a statement that the crypto market remains under pressure as September draws to a close. Despite relatively strong performance from Chinese-related stocks, bucking the trend, US stocks fell sharply overnight. Bitcoin struggled to hold support at $111,700, while Ethereum fell below the $4,100 mark, which it has held since early August. A break below these levels would put recent lows back in focus, with the next key support levels at $107,000 for Bitcoin and $3,300 for Ethereum.
Despite the market sell-off, institutional demand showed no sign of abating. Overnight, Bitcoin spot ETFs attracted $241 million in inflows, snapping two consecutive days of outflows. Dip-fishing continued to be evident, with October Bitcoin call options expiring at $118,000 dominating daily options trading. With a more constructive fourth quarter approaching, market optimism remains, supported by easing credit conditions. Currently, the market expects the Federal Reserve to cut interest rates by another 25 basis points in October and December. Barring a significantly positive surprise in next week's non-farm payroll data, this expectation is likely to remain unchanged.