QCP Capital: Market risk appetite rebounds, and funds are clearly shifting to digital assets

Odaily Planet Daily News QCP Capital posted on its channel that a $3 billion Bitcoin fund has become the focus amid the news flood. Cantor, SoftBank, Tether and Bitfinex jointly plan to launch the 21 Capital fund, led by Brandon Lutnick, which aims to acquire a large number of Bitcoins. The fund intends to raise $350 million through convertible bonds and conduct $200 million in private equity financing. Its structure is similar to Strategy, which once attracted much attention for its heavy position in Bitcoin, but 21 Capital has a new change: converting Bitcoin holdings into equity, issuing shares at $10 per share, and actually valuing Bitcoin at $85,000 per coin. This is seen as a prototype for large-scale institutionalized cryptocurrency exposure. The launch of the fund coincides with a shift in US policy stance, with the Trump administration supporting the concept of "digital gold" to help the crypto market. Bitcoin broke through the technical resistance level of $88,800 and broke through the psychological barrier of $90,000, trading as high as $93,500. Meanwhile, gold prices fell 6%, highlighting a rebound in risk appetite and a clear shift in funds to digital assets. Institutions are no longer testing the waters, but are fully committed to the cryptocurrency space. As Strategy fades out, 21 Capital is expected to become a new benchmark for cryptocurrency. Macro risks remain, but key issues appear to have been resolved. Trump said he would not replace Fed Chairman Powell for now, prompting a pullback in long-term yields and reducing tail risks. Despite a stabilization in the bond market, the U.S. stock market remains close to its all-time high of 5,400 points, and the market reaction has been mild and cautious. However, the overall outlook is complex, with trade frictions, geopolitical tensions and regulatory opacity still posing challenges. Investors need to be wary of rapid market changes and pay attention to potential turning points.