The adjustment of tariffs between China and the United States has attracted widespread attention in the market, with traditional safe-haven assets and encryption currencies experiencing undercurrents.

Last weekend, the United States and China reached a significant agreement to temporarily lower tariffs on certain goods, marking a turning point in the "trade war" that has been ongoing for several months.

According to QCP Capital, the United States will lower tariffs on most goods imported from China from 145% to 30%, while China will reduce tariffs on goods imported from the United States from 125% to 10%. This tariff reduction measure significantly boosts market risk appetite, and the market generally expects a noticeable recovery in cross-border trade and capital flows between China and the United States.

It is worth noting that gold, as a traditional safe-haven asset, plummeted nearly 3% after the announcement, and then the losses narrowed somewhat. This trend has led to a resurgence in volatility trading across various asset classes.

Bitcoin (BTC) and Ethereum (ETH) initially fell after the tariff news was announced, currently stabilizing at around $103,000 and $2,400, respectively. However, beneath the surface, signs of capital rotation are emerging. Bitcoin's market dominance has dropped below 63%, while other cryptocurrencies, especially Ethereum, have begun to outperform Bitcoin overall.

Bitcoin is facing a tug-of-war between its "digital gold" safe-haven attributes and its risk asset attributes, which makes its trend difficult to clarify. In addition, as the macro environment shifts from protectionism to trade optimism, Bitcoin may maintain a range-bound fluctuation.

However, broader market trends, such as an increase in long-term investments, are driving the popularity of long-dated options and may exacerbate the steepening of the volatility curve, thereby affecting the cryptocurrency options market.

In contrast, the inflow of funds into Ethereum options remains neutral, with open interest leaning towards put options, indicating that this breakout is not driven by excessive speculation. The current market breakout above $2400 also aligns with the expected launch time of the Pectra upgrade.

Therefore, there is a view that trading activity for longer-term options is beginning to resurge, which may indicate that Ethereum is gradually becoming the next major allocation choice in the market.

Do you think the recent easing of tariffs between China and the US will have a significant impact on Bitcoin and Ethereum? Moving forward, do you have more confidence in Bitcoin or in the altcoin market led by Ethereum?

#比特币 # Ethereum #US-China Tariffs