美国对大多数中国商品的关税将从145％降至30％，而中国将使美国产品的征税从125％降低到10％

这种外交变暖导致风险食欲急剧上升，由于市场开始考虑跨境资本流动恢复的可能性，美国股票的股票差距为3％。

U.S. duties on most Chinese goods will drop from 145% to 30%, while China will reduce levies on U.S. products from 125% to 10%. This diplomatic warming caused a sharp rise in risk appetite, U.S. stocks opened with a 3% gap up as markets began to consider the possibility of a recovery in cross-border capital flows.

美国对大多数中国商品的关税将从145％降至30％，而中国将使美国产品的征税从125％降低到10％。这种外交变暖导致风险食欲急剧上升，由于市场开始考虑跨境资本流动恢复的可能性，美国股票的股票差距为3％。

This move also had implications for crypto markets, notably with implications for Bitcoin and Ethereum price action, according to QCP Capital.

QCP Capital称，这一举动也对加密市场产生了影响，特别是对比特币和以太坊价格行动的影响。

Gold, traditionally a protective asset in times of uncertainty and protectionism, reacted by falling nearly 3%, although it later partially recovered. The return to a more traditional macro regime (stronger U.S. dollar, rising Treasury yields, weaker gold) stimulated a new wave of selling in volatility-related instruments across asset classes. The VIX index fell to 18 points, and Bitcoin volatility on the near end of the curve declined by more than 5 points.

传统上，黄金是不确定性和保护主义时期的保护性资产，尽管后来部分恢复了近3％，但它的反应近3％。返回更传统的宏观制度（美元更强，国库收益率上升，黄金弱）刺激了资产类别中与波动性相关的乐器的新销售浪潮。 VIX指数下降至18分，曲线近端的比特币波动率下降了5分以上。

Bitcoin and Ethereum: Multidirectional movements

比特币和以太坊：多向运动

Both Bitcoin and Ethereum initially declined following the tariff announcement, with Bitcoin falling to the $103,000 level and Ethereum slipping below $2,600. However, they have since stabilized around these marks.

在关税公告之后，比特币和以太坊最初都下降了，比特币降至103,000美元，以太坊滑倒低于2,600美元。但是，从那以后，它们围绕这些标记稳定了。

Under the surface, there are signs of capital rotation. Bitcoin's dominance has fallen below 63%, while altcoins, especially Ethereum, are beginning to outperform the first cryptocurrency.

在表面下，有资本旋转的迹象。比特币的优势降至63％以下，而山寨币（尤其是以太坊）开始超越第一个加密货币。

Bitcoin remains in a contradictory position between its role as ‘digital gold’ and its function as a high-risk proxy asset. This contradiction continues to make it difficult to establish a clear direction of movement. As the macroeconomic narrative shifts from protectionism to renewed trade optimism, Bitcoin may remain in a sideways trend.

比特币在其“数字黄金”角色与作为高风险代理资产的功能之间处于矛盾的位置。这种矛盾继续使建立明确的运动方向变得困难。随着宏观经济的叙事从保护主义转变为新的贸易乐观，比特币可能仍然处于侧向趋势中。

Nevertheless, a broader pivot could influence derivatives flows. Longer investment horizons typically support demand for long-dated options, reduce the need for near-term put hedging, and increase the steepness of the volatility curve.

然而，更广泛的枢轴可能会影响衍生物流动。较长的投资视野通常支持对长期选择的需求，减少对近期对冲的需求，并增加波动性曲线的陡度。

Ethereum forms a clearer picture

以太坊形成更清晰的图片

In contrast, Ethereum is presenting more understandable dynamics. Funding remains neutral, and options are skewed toward puts relative to calls, indicating that the breakout is not driven by speculative activity. The net move above $2,600 coincides with the rollout of the Pectra upgrade.

相比之下，以太坊正在提出更易于理解的动态。资金仍然保持中立，并且选择相对于呼叫而偏向于看位，这表明突破不是由投机活动驱动的。净移动超过$ 2,600，与Pectra升级的推出相吻合。

QCP Capital analysts note a resurgence in flows into longer-dated options, which may be an early sign that Ethereum is positioning itself as the next major target for capital allocation in the market.

QCP Capital Analysts指出，流入较长的期权的兴起，这可能是以太坊将自己定位为市场中资本分配的下一个主要目标的早期迹象。

The trading strategies are based on the current market situation. Let’s consider the main directions in more detail.

交易策略基于当前的市场状况。让我们更详细地考虑主要方向。

Trading strategies for the current market

当前市场的交易策略

Coincodex suggests considering strategies that take into account the new macroeconomic regime. One of the key ideas is the use of option structures that can capitalize on the changing shape of the Bitcoin volatility curve.

Coincodex建议考虑考虑新的宏观经济制度的策略。关键思想之一是使用可以利用比特币波动曲线形状的选项结构的使用。

A calendar spread strategy for Bitcoin involves selling short-term options and buying long-term options at the same time. This allows the trader to benefit from lower near-term volatility while maintaining exposure to potential long-term movements. This approach can be particularly effective now that Bitcoin’s short-term volatility has been significantly reduced.

比特币的日历传播策略涉及销售短期选择和同时购买长期选择。这使交易者可以从较低的近期波动率中受益，同时维持潜在的长期运动。既然比特币的短期波动大大降低，这种方法可能特别有效。

For Ethereum, analysts suggest considering strategies that focus on continued growth. One option is to buy call options with target levels above its current price of $2,600, which could bring significant profits in case of further upside. Given that option skew currently favors puts, the value of such calls may be relatively low (and therefore attractive to buyers).

对于以太坊，分析师建议考虑着专注于持续增长的策略。一种选择是购买目标水平高于其当前价格2,600美元的呼叫选项，如果有进一步的上涨空间，这可能会带来可观的利润。鉴于该选项偏向当前的偏爱，因此此类呼叫的价值可能相对较低（因此对买家有吸引力）。

A bullish call spread strategy for Ethereum can be implemented by simultaneously buying call options with a lower strike and selling call options with a higher strike. This limits both potential gains and potential losses, but reduces the overall cost of the position.

可以通过同时购买较低罢工和销售较高罢工的呼叫选项来实施以太坊的看涨呼叫传播策略。这限制了潜在的收益和潜在的损失，但降低了该职位的整体成本。

Macroeconomic changes described in the QCP Capital report are creating a new reality for cryptocurrency markets. The reduction of tariffs between the U.S. and China stimulates global financial flows and changes investors’ attitudes toward risk. In this environment, Bitcoin may temporarily lose some of its appeal as a defensive asset, but it will retain its fundamental value. Ethereum, with technological upgrades and growing institutional interest, is forming its own growth trajectory, as evidenced by increasing volumes of long-term options.

QCP资本报告中描述的宏观经济变化正在为加密货币市场创造一个新的现实。美国和中国之间关税的降低刺激了全球金融流程，并改变了投资者对风险的态度。在这种环境中，比特币可能会暂时失去其作为防御性资产的吸引力，但它将保留其基本价值。以技术升级和日益增长的机构兴趣，以太坊正在形成其自身的增长轨迹，这可以通过增加长期选择的数量来证明。