BlockBeats News, September 25th: QCP released its daily market observation today, stating that as September comes to a close, the cryptocurrency market remains under pressure. The U.S. stock market saw a sharp decline overnight, but Chinese concept stocks showed relative resilience, outperforming the broader market. Bitcoin is currently barely holding above the $111,700 support level, while Ethereum has fallen below the $4,100 level it has maintained since early August.
If prices further breakdown, 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 sell-off, there is little sign of diminished institutional demand. The Bitcoin spot ETF attracted $241 million in overnight inflows, reversing two days of outflows. Signs of buying the dip remain evident, with October $118,000 BTC call options dominating the day’s options trading activity.
As the fourth quarter approaches (historically a more positive phase), market optimism persists, supported by a looser credit environment. The market currently expects rate cuts of 25 basis points each in October and December. Unless next week’s non-farm payrolls data unexpectedly shows strong growth, this expectation is likely to endure.
