QCP： Bitcoin and gold are becoming the main beneficiaries of funds withdrawing from US dollar risk assets

According to BlockBeats, on April 22nd, QCP released today's market observation, stating that "gold continued its strong upward trend, breaking through the $3500/ounce mark in overnight trading. This trend highlights the general trend of the market withdrawing from US stocks, bonds, and dollars, mainly due to increasing concerns about the independence of the Federal Reserve. With Trump's continued call for interest rate cuts and speculation that he may explore legal means to dismiss Federal Reserve Chairman Powell, market tension has further intensified. Both digital assets and physical gold are showing an upward trend. The price of Bitcoin has risen to its highest level since early April, driven by strong spot demand during the US trading session. Spot trading volume exceeds perpetual contracts, Binance US trading platform premium hits a multi month high, and net inflow of Bitcoin spot ETF reaches $381.3 million, all indicating renewed interest from institutional investors. The resilience demonstrated by Bitcoin in overnight trading further supports the argument of its decoupling from traditional markets. As funds shift towards safe haven and inflation hedge assets, Bitcoin and gold are becoming the main beneficiaries of funds withdrawing from US dollar risk assets. The Bitcoin options market is currently showing a sustained bullish bias across all maturities. At the same time, the US credit market is beginning to show pressure. According to Bloomberg, the cost of investment grade credit default insurance has risen to a one week high, highlighting investors' unease. As the confrontation between Trump and the Federal Reserve may escalate, the market may need to prepare for further volatility. At present, both gold and Bitcoin are performing well, shining brightly in the context of the market seeking safe assets