QCP: US stocks and crypto markets rebounded in the short term, but the escalation of Sino-US trade tensions may become a "bull market trap"

Odaily News QCP Capital pointed out in its latest market briefing that the U.S. stock and crypto markets rebounded sharply after Trump announced "suspending additional tariffs and imposing a 10% reciprocal tariff on all countries except China". The Nasdaq rose 12.02%, the S&P 500 rose 9.51%, BTC rose 8.43%, and ETH rose 13.38%, triggering a short position of $75 million in the crypto market within 1 hour.
However, QCP warned that this policy shift of "Make America Wealthy Again" is more like a phased easing, and the "China Exception" policy has instead re-escalated the Sino-US trade war, posing a continuous pressure on Chinese assets. The RMB exchange rate has fallen to an 18-year low, and the market is waiting to see whether Beijing will strongly fight back. If China's retaliation escalates, the current rebound may evolve into a "bull market trap."
In addition, QCP pointed out that despite the recovery in short-term sentiment, the market remains cautious about the upward volatility in May and June, and sellers continue to use the rebound to reduce their positions. At the same time, some investors bet that BTC will return to $100,000 by the end of the year, and December options are actively bought. The US CPI data to be released tonight will become the next focus of the market. If the data is lower than expected, it may ease inflation concerns caused by tariffs.