QCP: Gold spiked to fresh all-time highs, buoyed by renewed trade war tensions and a weakening US dollar. With equities finishing last week in the red and extending an April drawdown, the narrative of BTC as a safe haven or inflation hedge is once again gaining traction. Should this dynamic hold, it could provide a fresh tailwind for institutional BTC allocation. Risk reversals across tenors have flattened out, diverging from the persistent near-dated put skew that has dominated for weeks.