Latest data shows that market expectations for a rate cut by the Fed in September have decreased. The current CEM swap rates indicate that the probability of a rate cut in September has fallen to 71.5%, significantly weaker than before.

Meanwhile, the market remains highly focused on the upcoming speech by Fed Chair Powell. The implied volatility of the event remains at a high level of 86%, reflecting investors' expectations and cautious attitude towards this important speech.

It is worth noting that the panic index VIX has risen to around 16.6, further confirming the tense sentiment in the market. Before Powell's speech, the overall market atmosphere has become cautious, with investors seemingly paying tribute in their own way to the important economic signals that are about to arrive.

This cautious sentiment is reflected not only in traditional financial markets but also extends to the cryptocurrency space. The trends of digital assets such as Ethereum (ETH), Biconomy (BIO), and Multiplier (MYX) are also under close scrutiny.

It is worth mentioning that the recent attitude of Asian family offices towards the allocation of crypto assets, as well as macroeconomic indicators such as the number of initial unemployment claims in the United States, may affect market direction. In addition, the upcoming Jackson Hole annual meeting is also one of the focal points of market attention.

In this uncertain market environment, investors need to remain vigilant and closely monitor various economic indicators and policy signals in order to make informed investment decisions.