TechFlow reported on March 27 that QCP released a recent market analysis stating, "President Trump escalated trade tensions last night by announcing a 25% tariff on imported automobiles effective April 3, along with previously anticipated reciprocal tariffs on major U.S. trading partners. Any further retaliatory measures from targeted economies could inject fresh uncertainty into an already volatile global trade landscape. Japanese and South Korean stock markets declined as expected, with automotive stocks bearing the brunt of the downward pressure.
In the cryptocurrency market, sentiment remains weak despite some notable positive news. GME suddenly announced a $1.3 billion fundraising round to allocate into Bitcoin, yet this has not boosted overall market sentiment. The only bright spot is that Bitcoin ETFs have continued to record inflows, totaling $944.9 million since the options expiry on March 14, 2025. In contrast, Ethereum ETFs saw $112.1 million in outflows during the same period. This stark divergence reflects polarized institutional investor confidence.
On-chain developments bring some hope for Ethereum. With Pectra successfully deployed on the Hoodi testnet, a mainnet upgrade is expected in Q2—could this mean the downward trend in ETH/BTC ratio might reverse next quarter?
Looking ahead to tomorrow’s options expiry, $12.2 billion worth of Bitcoin options will expire, with the maximum pain point at $85,000. Bitcoin has gradually declined from Monday’s peak, and both Bitcoin and Ethereum have seen their near-term volatility drop by 10 percentage points. Spot prices are consolidating sideways, while open interest continues to shrink, indicating broad lack of optimism about the short-term outlook. With the Personal Consumption Expenditures (PCE) index data due tomorrow, we believe upward momentum remains constrained as the market awaits Trump’s next move in this escalating trade war."
