QCP Capital: cryptocurrency market sentiment is unusually bearish

On August 19th, QCP Capital posted on its official channel that the optimism in the markets is disconcerting, with U.S. equities at record highs and the market anticipating an imminent interest rate cut and soft landing (by the Federal Reserve).
However, there are still signs of nervousness in the market, such as the options market pricing in 1% volatility in the SP 500 for Powell's speech at Jackson Hole this Friday.
cryptocurrency market sentiment was unusually bearish in contrast to the US stock market, with funding rates for BTC perpetual contracts falling to their lowest level since 2022 over the weekend.
The market seems to be ignoring the possibility of a further unwinding of the JPY/USD carry trade. According to Bloomberg, institutions such as the Vanguard Fund are increasing their bets on further rate hikes by the Bank of Japan. Will this be a catalyst for a new round of market declines?
QCP Capital maintains a constructive and bullish stance on the market, but downside options on 'sharkfin' structures may be an effective zero-cost hedge if users are looking for short-term downside protection.