According to online reports, according to QCP Capital, the United States and China agreed to temporarily cancel some tariffs, pushing the U.S. stock market up 3%. Gold prices fell nearly 3% at one point before partially recovering. After initial declines, BTC and ETH stabilized at approximately US$103,000 and US$2400 respectively. The dominance of BTC dropped below 63%, while altcoins such as ETH performed well. BTC is still wavering between its "digital gold" identity and its role as a risky asset, and this tension has left its direction unclear. And as the macro narrative shifts from protectionism to trade optimism, BTC may remain range-bound. However, a long-term investment perspective may support demand for back-end options, reduce demand for front-end bearish hedges, and lead to a steeping volatility curve. In comparison, the trend of ETH is clearer. Funding remains neutral and options are biased towards bearish, indicating that the breakthrough is not driven by speculation. The breakthrough of US$2400 is in sync with the Pectra upgrade and the re-emergence of long-term option flows, which may indicate that ETH is becoming the next major allocation target in the market.