According to @QCPgroup, the key September driver is Federal Reserve independence rather than a rate cut, with markets already pricing a higher term premium, a weaker US dollar, and support for gold and BTC; source: @QCPgroup on X, Sep 3, 2025. @QCPgroup adds that this backdrop is supportive for gold and BTC as the dollar softens and term premium rises; source: @QCPgroup on X, Sep 3, 2025.