The United States announced last night that the CPI for July was 2.7% year-on-year and +0.2% month-on-month, which is lower than market expectations. This has increased the probability of an interest rate cut in September. Currently, the on-chain betting for a 0.25% rate cut has reached 81%, with a 15% probability for no cut, and a 4% probability for a 0.5% cut.

After the data was released, the cryptocurrency market surged, with ETH breaking through $4,400, just 10% away from its all-time high. Recently, several institutions have been buying ETH, with daily inflows exceeding $1 billion continuously, leading to a strong price increase.