BlockBeats News, May 13th, QCP released its daily market observation report, stating that China and the United States have agreed to temporarily reduce tariffs, triggering a strong rally in risk assets. The U.S. stock market surged 3% at the open, with the market expecting a revival in cross-border trade. Gold, as a traditional safe-haven asset and hedge against protectionism, fell nearly 3% after the news was announced, but later narrowed its losses. The market has returned to a more traditional macro pattern - with a stronger U.S. dollar, rising bond yields, and weaker gold - driving selling pressure across asset classes. The VIX index fell to 18, and Bitcoin's front-end volatility compressed by over 5 volatility points. Bitcoin and Ethereum initially fell after the tariff news, and are currently stabilizing around $103,000 and $2,400, respectively. However, there are signs of rotation within the market. Bitcoin's market dominance has fallen below 63%, while other cryptocurrencies, especially Ethereum, are starting to outperform.

Bitcoin is still caught in a tug-of-war between its "digital gold" narrative and its identity as a risk asset proxy, with this contradiction continuing to blur its directional judgment. As the macro narrative shifts from protectionism to trade optimism, Bitcoin may remain within a range. Nevertheless, such a macro environment shift may affect derivative flows. A longer investment cycle typically supports back-end option demand, reduces front-end put option hedging demand, and leads to a steeper volatility curve.

In contrast, Ethereum's funding rate remains neutral, and the price breakout is not being primarily driven by speculative excess. The price break above $2,400 aligns with the launch of the Pectra upgrade, with a return of longer-term option flow being observed. This may be an early signal of Ethereum positioning itself as the next major allocation asset in the market.