QCP: Cryptocurrency and stock market both record worst quarterly performance in three years

QCP recently released a market analysis stating that Bitcoin, Ethereum, and the SP 500 index have just recorded their worst quarterly performance in three years, with the cryptocurrency market capitalization evaporating over $160 billion since last Friday. The weekly pullback was due to end-of-quarter options expiring and traders actively selling off, turning perpetual contract funding rates negative. Meanwhile, core inflation data exceeded expectations while consumer spending remained sluggish. The market is focusing on Trump's reciprocal tariff policy for "Liberation Day" on April 2nd. With consumer confidence falling to a 12-year low and the stock market experiencing a weekly decline of 4-5%, aggressive tariffs could exacerbate recession concerns. However, if policy measures are less than expected, it may give the market some breathing room. In terms of volatility, VIX remains high at 22 while cryptocurrency volatility is declining. Trading desks show bullish sentiment dominating before Asian markets open as investors buy call options and sell downside risks. Although April has traditionally been a strong month for cryptocurrencies, caution is still needed regarding future prospects which may digest macro risks through sideways fluctuations. Key events this week include ISM data release, non-farm payroll report and Powell's speech.