QCP recently released a market analysis saying that Bitcoin, Ethereum and the S & P 500 index just recorded their worst quarterly performance in three years, and the crypto market value has evaporated by more than $160 billion since Friday. Friday's correction was due to the expiration of options at the end of the quarter, traders actively sold off, and perpetual contract funding rates turned negative. At the same time, core inflation data was higher than expected, and consumer spending remained sluggish. Markets are focused on Trump's reciprocal tariff policy on April 2's "Liberation Day". Aggressive tariffs could exacerbate recession fears against the backdrop of consumer confidence falling to a 12-year low and the stock market having suffered a 4-5% weekly decline. However, if the policy is weaker than expected, it could bring relief to the market. In terms of volatility, the VIX remained at a high of 22, while cryptocurrency volatility was falling. Trading desks showed bullish sentiment dominating ahead of the Asian opening, with investors buying upside options and selling downside risks. Although April has historically been a strong month for cryptocurrencies, the market outlook still needs to be cautious, and macro risks may be digested in sideways volatility. Key events this week include ISM data, non-farm payrolls, and Powell's speech.