Odaily星球日报讯 QCP Capital 在最新报告中指出，上周非农就业数据不及预期，美股期货持续走高，两年期美债收益率降至年内低点，市场押注年内降息幅度达 72 个基点。然而，降息预期带来的风险偏好并未传导至加密领域，过去一周加密货币保持横盘整理。
报告称，风险逆转指标显示九月到期合约看跌期权需求显著增加，市场或将横盘视为看跌信号。但也有观点认为，比特币在 Strategy 被标普 500 剔除后仍守住 11 万美元，以太坊亦稳在 4250 美元上方，体现出资产韧性。QCP Capital 认为，这种缺乏方向的走势更多反映市场在本周四美国 CPI 公布前的谨慎情绪，短期隐含波动率仍将维持高位。若通胀数据高于 0.3%的预期，或令美联储降息路径更复杂，但考虑到关税影响有限，特朗普政府进一步升级贸易摩擦的可能性较低。
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