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

Odaily News According to QCP Capital, the United States and China agreed to temporarily lift some tariffs, pushing U.S. stocks up 3%. Gold prices fell nearly 3% at one point before partially recovering. After an initial decline, BTC and ETH stabilized at about $103,000 and $2,400, respectively. BTC dominance fell below 63%, while altcoins such as ETH performed well. BTC is still wavering between its identity as "digital gold" and its role as a risky asset, and this tension makes its direction unclear. As the macro narrative shifts from protectionism to trade optimism, BTC may remain range-bound. However, a long-term investment perspective may support back-end option demand, reduce front-end put hedging demand, and lead to a steepening of the volatility curve. In contrast, ETH's trend is clearer. The funding side remains neutral, and options are bearish, indicating that its breakthrough is not driven by speculation. The breakthrough of $2,400 is synchronized with the upgrade of Pectra, and the reappearance of long-term option flows may indicate that ETH is becoming the next major configuration object in the market.