On February 5th, QCP Capital issued an article on the official channel saying that the traditional financial marekt is still digesting the dynamics of the US economy and paying attention to the latest developments of the high-risk tariff war between the United States and China. The trend of US stocks is weak, and the S & P 500 index is difficult to hold the 6,000 point mark. The market volatility of the past week caused a sharp fluctuation in the crypto market, with BTC briefly touching $92,000, while ETH fell to $2,100. The US postponed the tariff measures against Mexico and Canada, which brought some relief to the crypto market, but the US-China trade war is still the core risk. The market expects the upcoming call between Trump and Xi Jinping to bring a signal of relaxation. In addition, the US "crypto czar" David Sacks announced the establishment of a working group at the conference yesterday to promote stablecoin legislation and evaluate the feasibility of establishing a strategic bitcoin reserve (SBR). Although the short-term impact is limited, it may be positive for the crypto market in the long run. The resilience of BTC above $90,000 is remarkable, but QCP Asia remains cautious about the possible geopolitical shock caused by the US-China tensions. The market lacks a clear crypto catalyst in the short term. It needs to guard against downside risks in prices, especially in the context of the large-scale liquidation this Monday.