PANews reported on May 13 that according to QCP Capital, the United States and China agreed to temporarily lift some tariffs, pushing the U.S. stock market up 3%. Gold prices fell nearly 3% at one point, then partially recovered. After an initial decline, BTC and ETH stabilized at around $103,000 and $2,400, respectively. BTC dominance fell below 63%, while altcoins such as ETH performed well.

BTC is still wavering between its identity as "digital gold" and its role as a risky asset, and this tension makes its direction unclear. As the macro narrative shifts from protectionism to trade optimism, BTC may remain range-bound. However, a long-term investment perspective may support back-end option demand, reduce front-end put hedging demand, and lead to a steepening of the volatility curve.

In contrast, ETH's trend is clearer. Funding remains neutral and options are bearish, indicating that its breakthrough is not driven by speculation. The breakthrough of $2,400 is synchronized with the Pectra upgrade, and the reappearance of long-term option flows may indicate that ETH is becoming the next major configuration target in the market.