According to QCP Capital, the United States and China agreed to temporarily lift some tariffs, sending the U.S. stock market up 3%. Gold prices fell nearly 3% at one point, but then partially recovered. After initial declines, BTC and ETH stabilized at around $103,000 and $2,400, respectively. BTC's dominance fell below 63%, while counterfeit products such as ETH performed well.
BTC is still swinging between its "digital gold" identity and its role as a risk asset, a tension that leaves its direction unclear. And as the macro narrative shifts from protectionism to trade optimism, BTC is likely to remain range-bound. However, a long-term investment perspective could support back-end option demand, reduce front-end put hedging demand, and steepen the volatility curve.
In contrast, ETH's movement is clearer. Funds remain neutral and options are skewed bearish, suggesting that its breakout is not driven by speculation. The $2,400 breakout coincides with the Pectra upgrade, and the re-emergence of long-term options flows could signal that ETH is becoming the next major allocator in the market.
QCP Capital: BTC likely to remain range-bound as macro narrative shifts from protectionism to trade optimism
2025-05-13 09:07:54
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