ChainCatcher reports that, according to QCP Capital’s latest Market Colour report, U.S. equities showed mixed performance last Friday: the S&P 500 rose 0.05% to 7,412, the Nasdaq declined 0.64% to 24,976, and the Dow Jones increased 0.46% to 51,947. Market focus remains centered on interest rate trends. The report notes that the U.S. 10-year Treasury yield fell back to approximately 4.67% on Friday, after previously rising to its highest level since January 2025; weaker oil prices provided some support for yields. The U.S. Dollar Index (DXY) remained stable, hovering near 101.4. Markets are now turning their attention to the Federal Reserve’s FOMC interest rate decision, due Wednesday. The consensus expectation is that the federal funds target range will remain unchanged; however, investors will closely monitor the policy statement and remarks by Fed Chair Warsh to gauge officials’ latest views on inflation and economic growth prospects. In the crypto market, QCP noted that despite macroeconomic pressures, digital assets outperformed traditional equity markets in July overall. So far this month, BTC and ETH have risen approximately 11.6% and 24.6%, respectively, demonstrating market resilience. However, recent inflows into U.S. spot BTC and ETH ETFs have cooled. On July 24, combined net outflows from U.S.-listed spot BTC and ETH ETFs totaled approximately $311 million, ending a seven-day streak of net inflows. QCP stated that ETF flows remain a key indicator of institutional participation and market sentiment. Additionally, market participants continue to monitor developments regarding U.S. digital asset regulation, with the proposed CLARITY Act remaining a focal point for the crypto industry. In the options market, recent data shows investors have increased demand for downside protection, reflecting a renewed risk-off positioning following recent adjustments in risk assets. Short-term implied volatility for ETH remains higher than for BTC, and perpetual contract funding rates remain positive, indicating that overall market positioning is still bullish; however, investors are hedging against near-term macroeconomic uncertainty.
QCP Report: Crypto Assets Outperform U.S. Stocks in July Amid Fed Rate Focus
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Summary
Altcoins to watch posted strong gains in July as crypto assets outperformed U.S. stocks. BTC and ETH rose 11.6% and 24.6%, respectively, while Fed-related news dominated market sentiment ahead of the FOMC decision. U.S. stock indices moved unevenly, with the S&P 500 up 0.05% and the Nasdaq down 0.64%. The 10-year Treasury yield fell to 4.67%. Altcoins to watch remain in focus amid the CLARITY Act and macroeconomic uncertainty.
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