On April 4, QCP Capital posted on its official channel that Trump announced on Wednesday that it would impose 10% tariffs on all imported goods and impose "reciprocal tariffs" on countries with high trade deficits with the United States. The market responded quickly. Bitcoin plummeted from intraday highs of $88,500 to $81,200, giving up earlier gains and triggering massive liquidation of the cryptocurrency market. Long positions of more than $221 million were forced to set, and Bitcoin suffered a more severe impact than Ethereum.

As expected, risky assets followed the decline. U.S. stock index futures were the first to be hit, with S&P 500 falling 3.38% and Nasdaq 100 falling 4.28%. The selling wave continued to yesterday's US stock trading session, with consumer stocks such as Eagle Clothing plummeting 17.47%, reflecting investors' concerns about Asian supply chain exposure.

As key macro-risk events are implemented, the market focus has turned to tonight's non-farm employment report. Investors are wary of signs of weak U.S. labor market. If the data is inferior to expectations, it will strengthen the reason for the Fed to cut further interest rates this year - policymakers are trying to cushion the economic slowdown. As of press time, the market expects four rate cuts in 2025 (25 basis points each in June, July, September and December).

In terms of options market, the trading desk observed that short-term volatility continued to be high and downward protection demand surged. This deviation highlights the current market sentiment: uncertainty and cautious attitude dominate. Nevertheless, as positions have become lighter and risky assets are generally oversold, the stage of short-term rebound may be established.