On April 14, QCP released a daily market observation saying that after a week's tariff marginal policy, risky assets began to stabilize, lifting away from barriers that could have caused a heavy blow to Sino-US trade. The United States imposed tariffs of up to 145% on Chinese imported goods, while China hit back with 125% tariffs, and the two sides escalated to the point where the market was no longer surprised to further increase its investment. The huge scale of these tariffs makes them more symbolic than market drivers, which is in stark contrast to the panic caused in the early days of Liberation Day.

After Friday's close, the Trump administration quietly exempted the latest tariffs on smartphones, computers and chips. Despite the ongoing deadlock, risky assets are pricing optimistic, even though the United States seems to be negotiating not only with China, but also with the bond market and itself.

In the crypto market, Bitcoin risk reversal continued to be in favor of put options until June, indicating that the market is still slightly cautious in the short term. However, long-term sentiment is becoming more positive. On Saturday, we observed aggressive buying of 800 BTC-27MAR26-100k-C. Bitcoin continues to consolidate in the range of $80,000 to $90,000, and may continue to trade sideways, adopting a "wait" strategy of waiting and watching the tariff situation.