QCP Capital: BTC may remain range-bound as macro narrative shifts from protectionism to trade optimism

Planet Daily News: According to QCP Capital, the United States and China agree to temporarily cancel some tariffs, driving the U.S. stock market up by 3%. Gold prices fell nearly 3% before partially recovering. BTC and ETH initially declined, then stabilized at around $103,000 and $2,400 respectively. BTC's dominance dropped below 63%, while ETH and other Altcoins performed well. BTC continues to oscillate between its "digital gold" identity and risk asset role, creating uncertainty about its direction. As the macro narrative shifts from protectionism to trade optimism, BTC may maintain range-bound fluctuations. However, a long-term investment perspective might support backend option demand, reduce frontend put hedging needs, and lead to a steeper volatility curve. In comparison, ETH's trend appears more clear. Capital remains neutral, with options leaning bearish, indicating its breakthrough is not speculation-driven. Breaking through $2,400 coincides with the Pectra upgrade, and the reemergence of long-term option liquidity may signal ETH becoming the market's next major allocation target.