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QCP's latest market report highlights rising geopolitical tensions following US President Donald Trump's announcement of a 25% tariff on car imports, effective April 3.
Trump's Tariffs Shake Global Markets, Crypto Sentiment Remains Weak
The decision, which targets major US trading partners, is expected to prompt retaliatory measures and inject more uncertainty into global trade.
Following the announcement, stock markets in Japan and South Korea saw widespread declines, with auto stocks suffering the most. Escalating trade tensions have added to volatility in traditional markets, spilling over into risk assets including crypto.
Despite several potential catalysts, crypto market sentiment remains subdued. GameStop’s unexpected plan to raise $1.3 billion for a Bitcoin allocation failed to boost overall market sentiment.
The one bright spot has been the continued inflows into Bitcoin ETFs, which have taken in a total of $944.9 million since March 14. In comparison, Ethereum ETFs have seen outflows of $112.1 million over the same period, highlighting the divergence in institutional sentiment between BTC and ETH.
Bitcoin Options Expiration and Market Outlook
Looking ahead, a record $12.2 billion worth of BTC options will expire tomorrow, with a maximum pain price of $85,000.
Bitcoin has started to fall from Monday’s highs as BTC and ETH front-end volatility dropped by 10 points. Open interest continues to decline, suggesting a lack of bullish conviction in the near term.
Investors are now eyeing Personal Consumption Expenditures (PCE) data due tomorrow. QCP analysts believe that short-term upside is likely to be limited as markets are likely to remain cautious until Trump’s next move in the escalating trade war becomes clear.
*This is not investment advice.