According to Golden Finance, QCP released a recent market analysis saying that the Bitcoin, Ethereum and the S&P 500 index just recorded its worst quarterly performance in three years, and the market value of the crypto market has evaporated by more than $160 billion since Friday. Friday's pullback originated from the expiration of options at the end of the quarter, traders actively sold out, and the perpetual contract fund rate turned negative. At the same time, core inflation data is higher than expected, and consumer spending remains sluggish. The market is paying attention to Trump's reciprocal tariff policy on "Liberation Day" on April 2. Amid the backdrop of consumer confidence falling to 12-year lows and stocks have already suffered a weekly decline of 4-5%, aggressive tariffs may exacerbate recession concerns. However, if the policy intensity is lower than expected, it may bring respite to the market. In terms of volatility, VIX remained at a high of 22, while cryptocurrency volatility was declining. The trading desk shows that bullish sentiment dominated Asia before the opening, with investors buying up options and selling downside risks. Although April has always been a strong month for cryptocurrencies, the market outlook still needs to be cautious and may digest macro risks amid sideways fluctuations. Key events this week include ISM data, non-farm employment reports and Powell's speech.