On April 23, QCP Capital released a daily market analysis stating that Cantor, SoftBank, Tether, and Bitfinex jointly launched a bold Bitcoin acquisition fund called 21 Capital (tentative name), which comes at a time of decisive changes in US policy stance, with the Trump administration leaning towards supporting the "digital gold" narrative, providing a boost to the cryptocurrency market.
Bitcoin successfully broke through the psychological barrier of $90,000. Meanwhile, gold declined by 6%, highlighting the recovery of investor interest in risk assets and clearly showing capital flowing into digital assets.
Institutional investors are no longer just testing the waters of cryptocurrency but are fully committed. As Strategy's strategy gradually fades out, 21 Capital is expected to become the new benchmark for cryptocurrency conviction.
Macro risks still exist, but a key uncertainty seems to have been lifted. Trump stated that he currently has no plans to replace Federal Reserve Chairman Powell, which helped US long-term bond yields slightly pullback, reducing an important tail risk.
Despite a stabilizing bond market, the US stock market remains at record highs, reflecting a more moderate and cautious market response. However, the overall outlook is far from simple. Trade friction, geopolitical tensions, and regulatory uncertainties continue to cast a shadow over the market.
Investors are navigating in a rapidly changing environment, remaining highly sensitive to potential turning points.
