According to BlockBeats, on May 13, QCP released a market observation stating that the agreement between China and the U.S. to temporarily lower tariffs led to a 3% jump in the U.S. stock market, while gold fell by nearly 3%. The strengthening dollar and rising Treasury yields have driven selling pressure on volatility across asset classes.
The VIX index has retreated to 18, with Bitcoin's front-end volatility compressing by over 5 points. Bitcoin and Ethereum prices are stabilizing at around $103,000 and $2,400, respectively. Bitcoin's market share has dropped below 63%, while Ethereum performs well.
Bitcoin is caught between its identities as 'digital gold' and a risk asset, with changes in the macro environment potentially affecting derivative fund flows. The Ethereum price breaking above $2400 coincides with the Pectra upgrade, indicating its potential as a major allocation asset.
