QCP: Focus on personal consumption expenditure data this Friday, the crypto market may be ready for another policy shift

Odaily News QCP posted on its official channel that risk sentiment is still changing. Since late April, risk assets have been climbing steadily, with the S&P 500 approaching the symbolic 6,000 mark amid declining volatility, and President Trump suddenly reignited trade tensions, proposing a high tariff of 50% on EU goods (up from the previous 20%). Given the high level of the market, this timing has not been ignored.
However, markets managed to stabilize after Trump announced that the tariffs would be extended until July 9. European stocks and US futures opened higher early today, but the event was a stark reminder of how quickly policy risks can re-price calm into chaos. Bitcoin's July-June volatility spread was above 2 last week and has now compressed to below 1, suggesting that markets may be preparing for another policy shift before the new deadline.
Inflation continues to frame the macroeconomic picture. All eyes are on Friday's personal consumption expenditures data, a key indicator of the Fed's next move. While oil prices have retreated, growing congestion at European ports is beginning to spread to Asia and the United States, threatening to push up shipping costs and trigger new indirect inflationary pressures. Bitcoin fell to $106,000 over the weekend but quickly recovered to $110,000 on the back of continued spot ETF inflows. BlackRock's IBIT has now seen 30 consecutive days of net inflows, reinforcing the growing institutional foothold in the digital asset space.