QCP Capital News: The United States and China have agreed to temporarily cancel some tariffs, driving the U.S. stock market up by 3%. Gold prices fell nearly 3% at one point but then partially recovered.
After an initial drop, BTC and ETH stabilized at around $103,000 and $2,400, respectively. BTC's dominance has fallen below 63%, while ETH and other altcoins have performed well. BTC continues to oscillate between its identity as 'digital gold' and its role as a risk asset, leading to uncertainty in its direction. As the macro narrative shifts from protectionism to trade optimism, BTC may remain range-bound.
However, a long-term investment perspective may support demand for back-end options, reduce demand for front-end bearish hedges, and result in a steepening of the volatility curve.
In contrast, ETH's trajectory is clearer. The funding situation remains neutral, with options skewed towards bearish, indicating that its breakout is not driven by speculation. The breakout above $2,400 coincides with the Pectra upgrade, and the re-emergence of long-term option liquidity may signal that ETH is becoming the next major asset for market allocation.