According to BlockBeats, on May 13, QCP released a market observation stating that the agreement between China and the United States to temporarily lower tariffs led to a 3% spike in the US stock market and a nearly 3% drop in gold. The strengthening of the 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 have stabilized at around $103,000 and $2,400, respectively. Bitcoin's market share has fallen below 63%, while Ethereum has performed well.
Bitcoin is caught in a tug-of-war between its identity as 'digital gold' and a risk asset, with changes in the macro environment potentially affecting derivatives capital flows. The Ethereum price breaking above $2,400 coincides with the Pectra upgrade, demonstrating its potential as a major allocation asset.
