QCP: Market risk aversion fails, Trump doubles down on policies, BTC consolidates, ETH falls further

QCP Capital points out that after the U.S. raised import tariffs on China to 104%, the market continued to decline, with safe-haven assets like gold and U.S. Treasuries also being sold off. The VIX has remained above 40 for three consecutive days. U.S. Treasury yields rose sharply, with the 10-year yield touching 4.5% and the 30-year yield briefly breaking through 5%. The Trump administration currently appears to be "doubling down" rather than changing course, and the market hopes for a "Trump bottom" or a "Federal Reserve bottom," but this is unlikely to materialize in the short term. Despite market expectations of four rate cuts in 2025, the Federal Reserve is likely to maintain interest rates unchanged against the backdrop of stable unemployment and rising inflation. BTC is consolidating around $75,000, while ETH continues to weaken.