##本周高光时刻 1. Impact of US-UK trade agreement
- Agreement content:
- Tariffs on UK steel and aluminum exports to the US eliminated
- Auto tariffs reduced from 27.5% to 10%
- The US retains 10% 'reciprocal tariffs'
- Market response:
- Trump calls on investors to 'buy stocks', boosting market sentiment
- US stocks: S&P 500 rises nearly 1.6%, Nasdaq jumps 2%
- Forex: US dollar index returns to the 100 mark, non-US currencies weaken
- Gold: Spot gold falls below $3300, down nearly 2%
---
### 2. Cryptocurrency market performance
#### Bitcoin (BTC)
- Price breakthrough: First break above $100,000 since February, reaching $104,000
- Market position: Briefly surpassed Amazon as the fifth largest asset globally
- Short position liquidation: Single-day liquidation of $836 million (historical high)
- Institutional views:
- Standard Chartered: Original Q2 target of $120,000 'may be too conservative'
- BTSE warns: Be cautious of the 'May sell-off' seasonal pattern (down 35% in May 2021, down 15% in May 2022)
#### Ethereum (ETH)
- Price surges: Single-day rise over 20%, breaking through $2200, ETH/BTC ratio rebounds to 0.02
- Challenges:
- On-chain activity is subdued (transaction volume, active address growth lackluster)
- Institutional demand declines, sustainability in doubt
- Historical comparison: Still some distance from the historical high point of 0.05
#### Altcoins and ecosystem projects
- Broad-based rally: Most gains exceed 20%
- Ethereum ecosystem leads the charge: MOODENG, NEIRO, PEPE, EIGEN, LQTY, ETHFI, etc. rise over 30%
- Solana (SOL): Mildly up 8% to $162, on-chain activity has not significantly increased
---
### 3. Cross-market capital flow
- Crypto vs. other digital assets:
- Crypto market rises: Significant capital inflow
- CS jewelry market: Significant decline, recovering previous week's gains, contrary to crypto market trends
---
### Key Points Summary
1. Trade agreements and Trump's call directly boost US stocks and the dollar, pressuring gold.
2. Cryptocurrency market surges: BTC breaks milestone, ETH rebounds strongly, but on-chain fundamentals have not improved synchronously.
3. Market differentiation: Capital flows from other digital assets (e.g., CS jewelry) into the crypto market, indicating a shift in risk preference.
4. Risk warning: Seasonal patterns (May pullback), some cryptocurrencies' rises lack fundamental support.
