Recently, the financial market's expectations regarding the direction of the US monetary policy have sparked widespread discussion. Some analysts believe that the market may be overly optimistic about the Fed's interest rate cut prospects.

There are views that point out that there is upward pressure on short-term interest rates in the United States, while the market has already anticipated at least two rate cuts this year, which may be overly aggressive. Currently, the yield on the 10-year U.S. Treasury bond fluctuates around 4.3%, with an expected fluctuation range within 50 basis points.

The Fed's policy focus may be shifting from inflation control to attention on the labor market. This potential shift has sparked uncertainty in the market, leading to consecutive declines in the U.S. stock market, with the Nasdaq index falling below the 21,000 point mark. Investors are beginning to question the current level of market valuation.

However, the cryptocurrency market seems to present a different situation. Large institutions predict that trillions of dollars may flow into the crypto asset sector in the future. The action of a major holder in the Ethereum market increasing their holdings by 400,000 ETH is also seen as a sign of confidence in the market outlook.

In the long term, the global stablecoin market is expected to reach $2 trillion, which could bring about an additional demand of approximately $75 billion for U.S. Treasury bonds. Moreover, news that China is considering issuing a renminbi stablecoin is also seen as a positive signal.

In the short term, Bitcoin's price is seeking support around $11,300. Market participants expect that after the situation becomes clearer in September, the cryptocurrency market may see a rebound.

Overall, the financial markets are in a period full of uncertainty, and investors need to closely monitor changes in policy direction and market sentiment.