Asia Colour - 25 Mar 25 1/ Markets are bouncing back, with Q2 seasonality historically favoring risk assets. The S&P 500 & Bitcoin tend to perform well in this period—second only to Q4. But is this the start of a true rally or just a temporary bounce? Let’s dive in. Read more:

2/ What’s driving the move? - The S&P 500 has averaged a 19.6% annualized return in Q2 - $BTC briefly broke above $88K, with alts outperforming - Tariff fears eased as Trump hinted at potential exemptions - Options markets remain cautious—no major shift toward calls yet

3/ Key catalysts ahead: - Friday’s options expiry—highest open interest above $100K $BTC - PCE inflation print—could be the next major market mover - JPM Hedged Equity Fund levels—watching for potential volatility spikes if the S&P 500 drifts toward $5,565

4/ What’s next? Markets are at a crossroads. Will seasonality and improving sentiment push us higher, or will macro risks bring fresh volatility?

Read more: www.qcpgroup.com/insights/asia...