Macro risks are stacked, and the cryptocurrency market is volatile. Bitcoin once fell to $86000

The QCP Asia analysis report pointed out that during the early morning session of January 26th in Asia, the cryptocurrency market was under pressure, resulting in the liquidation of over $550 million in leveraged long positions, and the price of Bitcoin fell to $86000 at one point. Safe haven assets such as gold and silver continued to rise. The market's risk aversion is triggered by a combination of multiple macro risks, including Trump's proposal to impose 100% tariffs on Canadian imports, the increasing risk of a partial government shutdown in the United States (current funding will expire on January 30), and the uncertainty of the possibility of coordinated intervention by the United States and Japan in the foreign exchange market to stabilize the yen. In addition, the New York Fed's "exchange rate check" on the US dollar/Japanese yen has intensified market concerns about the depreciation of the yen. The encrypted derivatives market presents a defensive layout, with an increase in put option skewness and implied volatility, and significant capital flow from long-term put option positions shifting towards downward prices. Against the backdrop of a high-density macro event calendar, implied volatility is expected to remain high, especially before the risk of government shutdown is resolved, cryptocurrency prices may continue to fluctuate in the short term.