BlockBeats News, on February 3, QCP Capital's latest analysis pointed out that the first round of trade policies by the Trump administration has caused severe fluctuation in global markets. The yield curve of government bonds is showing a bear market trend - the 2-year yield is rising while the 10-year yield is falling, indicating market concerns about short-term inflation and the long-term risks of the trade war on the global economy.

The widening of the price difference between New York and London gold not only reflects the popular EFP arbitrage trading closing positions, but also suggests that the transfer of gold between different vaults may face logistical challenges, reminding the market of the potential further expansion of tariff uncertainty.

Cryptocurrency market sees a violent sell-off. As a risk indicator before the opening of the US market, the cryptocurrency market has experienced a liquidation of nearly 2 billion US dollars, with ETH falling more than BTC. Analysts believe that today's risk aversion is mainly driven by cross-asset portfolio rebalancing, rather than a single asset event. It is expected that the Fluctuation in the market will continue until the negotiation between Trump and Canada/Mexico and the implementation of EU tariff policies.