QCP: Tariff policy triggers volatility, crypto market shows resilience

QCP issued a briefing saying that risk sentiment continued to fluctuate. Trump suddenly proposed to increase the tariff on European Union goods from 20% to 50%, and then postponed it to July 9, which temporarily stabilized the market. The volatility gap of BTC from July to June was compressed to below 1, suggesting that the market expected policy may change again. In terms of inflation, although oil prices fell, port congestion spread from Europe to Asia and the United States, which may push up shipping costs and trigger a new round of indirect inflation. BTC rebounded to $110,000 after falling to $106,000 over the weekend. BlackRock's IBIT has had net inflows for 30 consecutive days, while the TQQQ Nasdaq ETF continued to outflow, showing the divergence of sentiment between crypto assets and technology stocks. In the context of policy instability, the cryptocurrency market has shown a relatively mature performance.