PANews reported on March 4 that according to QCP Asia analysis, the short-lived crypto market rebound brought about by Trump's announcement on Truth Social on Sunday quickly gave up, and risk assets generally pulled back, erasing most of the gains over the weekend. The reasons for the intensified market sell-off include Trump's re-mention of tariff policies on Canada, Mexico and China, which triggered investors' concerns about escalating trade tensions.

In addition, the inclusion of XRP, SOL and ADA in the reserve has caused market disagreements, and the initial optimism has been replaced by deeper doubts. The market is concerned about the opacity of the source of the reserve funds and the potential contradiction with DOGE's cost-cutting measures. Despite the SEC's suspension and revocation of enforcement actions against crypto companies, market risk aversion remains strong.

Volatility has returned to global markets, with the 10-year U.S. Treasury yield falling 50 basis points in two weeks, the VIX index breaking through 22, and the volatility of Bitcoin short-term options rising 8 percentage points since the weekend. Market sentiment has clearly tilted toward put options.