QCP: Strong Market Performance Driven by Increased Long-End Treasury Repurchase and ETF Inflows, Focus Shifts to Three Key Macro Variables This Week

BlockBeats News, August 24th. QCP Capital released a market commentary pointing out that Bitcoin recorded its strongest weekly performance since March 2024, with a gain of over 20%, briefly touching around $79,500. This recent surge coincided with a sharp change in the interest rate market, as the U.S. 30-year Treasury bond yield approached the highest level since 2007 at nearly 5.3%. Subsequently, the Treasury Department announced that starting from September 9th, it would increase the size of the long-end liquidity support repurchase operations from a maximum of $20 billion per operation to at least $40 billion. In response, long-end yields retreated, the dollar weakened, and Bitcoin rallied alongside gold. Position adjustments accelerated the initial breakout, followed by continued strengthening of spot participation. The U.S. spot Bitcoin and Ethereum ETFs collectively attracted approximately $2.6 billion in net inflows last week, marking the strongest weekly inflow since October 2025.

This week, the market's focus shifts to three sets of macro variables: PCE inflation data, NVIDIA's earnings report (a signal for the AI investment cycle), and Fed Chair Powell's first themed speech at Jackson Hole (a signal for the monetary policy framework). Powell is set to deliver his speech at 10 p.m. on Friday, while the July PCE and the second estimate of second-quarter GDP will be released on Wednesday. QCP summarized that last week's market was mainly driven by position changes and dynamics in the U.S. bond market. Whether this week's data can provide a clearer guide for the macro backdrop will be the core focus of the market.