On Monday, the firm reported that bitcoin initially resisted last week’s equity market downturn but collapsed during early Asian trading hours, plunging 7% to $74,500. Over $800 million in bitcoin and ethereum derivatives positions were liquidated within 24 hours as volatility spiked. QCP Capital noted bitcoin’s Friday implied volatility surged above 85%, while ethereum’s jumped to 130%, reflecting frantic hedging activity.

The CBOE Volatility Index, a key fear gauge, topped 60, signaling extreme investor anxiety. China’s stock market suffered its worst single-day crash since 2008, a delayed reaction to Beijing’s retaliatory 34% tariffs on all U.S. goods announced Friday. With higher tariffs set to take effect April 9, QCP warned the global economy is nearing a “full-scale economic war.”

President Trump acknowledged market pain but defended his strategy, stating, “sometimes you have to take medicine,” according to QCP’s summary of his remarks. Over 50 countries have reportedly sought emergency trade negotiations with the U.S. to mitigate supply chain disruptions. Meanwhile, the $800 million crypto liquidation marked one of the largest single-day sell-offs this year, per QCP data.

While traditional safe havens like gold and bonds rallied, QCP highlighted bitcoin’s atypical correlation to equities during the crisis. The firm emphasized that market confidence and the credibility of the U.S. economy now hang in the balance, with little time remaining to avert further destabilization ahead of Wednesday’s tariff deadline. Analysts cautioned that without meaningful progress in negotiations, global markets could face intensified volatility in the coming days.

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