QCP Capital: The macro environment remains favorable for institutions to further participate in digital assets and allocate capital.

On June 12, QCP Capital posted on its official channel that the market welcomed the tentative progress in Sino-US relations. President Trump has announced a partial withdrawal of the proposed tariff hike, which is in its final stages and awaiting formal ratification. However, optimism remains dampened. The U.S. Secretary of Commerce has taken a tough stance on technology exports, making it clear that the U.S. "will not provide China with the most advanced chips." This highlights the divergence of global supply chains, which is increasingly factoring in the pricing of cross-border trade dynamics. Geopolitical tensions have risen again, and the United States has begun to withdraw its diplomatic staff from the Middle East as nuclear talks stall. Washington reportedly received warnings of a possible Israeli strike on Iran's nuclear facilities, triggering a violent reaction in the oil market. Brent crude rose 7%-9% on the day as risky assets sold off as investors turned to defensive assets. In addition, speculation that Bason might succeed Jerome Powell as Fed chair heated up but was quickly diluted. Bessant publicly reaffirmed his commitment to serve in the Treasury until 2029. At the same time, President Trump renewed pressure on the Fed to "cut interest rates by 100 basis points across the board" after the US CPI data came in lower than expected, citing the high cost of debt servicing. In summary, QCP Capital believes that despite the slight pullback, the macro environment is still conducive to further institutional participation in digital assets and capital allocation.