Matt Hougan, chief investment officer at Bitwise, expects a big rally for cryptocurrencies after the current macro uncertainty starts to dissipate in October and November, saying "the market hates uncertainty, and there's a lot of uncertainty in the market right now". At this stage, the likelihood of a 50 basis point cut in September has dimmed, despite the consensus view that the Federal Reserve will cut rates. However, with Wednesday's CPI data and next week's key Fed meeting approaching, the likelihood of a rate cut of more than 125 basis points by December has risen.