Odaily reported that QCP posted on its official channel that today marks one month since the S&P500 hit a new all-time high. The latest downturn has seen some of the largest macro hedge funds suffer losses and stop-outs in this month's market crash. Millennium reported that the losses of just two teams reached $900 million, while Brevan Howard's main fund is down 5% year-to-date, forcing traders to face stricter risk limits. The upcoming April 2nd deadline, when Trump is expected to impose new retaliatory tariffs, remains the biggest pressure on risk assets. Tonight's FOMC meeting is likely to keep rates unchanged. However, we will closely watch for any dovish shifts, especially in growth and inflation expectations. As the impact of tariffs will take several months to filter through the economy, we expect the Fed to maintain a "wait-and-see" attitude. The April 2nd tariff decision, although pre-announced, is still a key uncertainty. With the unwinding of momentum and arbitrage trades, Bitcoin has found some support around $80,000, but this support seems fragile against the broader backdrop of macroeconomic weakness. In the short term, however, we struggle to find major favorable factors that could reverse this downturn. Our focus remains on capital-protected yield strategies to protect our capital reserves and hedge risks in the extended downward cycle.