Despite a broad risk-off market reaction triggered by U.S. policy changes including doubled steel tariffs on China to 50% and expanded tech sanctions, Bitcoin (BTC) maintained its position above $102,000. The selloff saw nearly $1 billion in crypto liquidations since Friday, with even the BlackRock IBIT ETF experiencing outflows of $430 million. However, the dip was met with opportunistic buying from investors, including Metaplanet’s acquisition of an additional $114 million in Bitcoin following the market downturn, boosting its holdings to 8,888 BTC. QCP Capital noted a significant decrease in short-term volatility, with risk reversals normalizing across maturities. Leveraged positions associated with traders like James Wynn appear largely unwound according to recent developments as perpetual funding rates have stabilized to neutral levels. Looking ahead, the firm anticipates that macro factors surrounding U.S.-China tensions will dominate BTC’s trajectory through June. QCP Capital expects a range-bound market environment for Bitcoin in the short term, and it has identified the $100,000 and $110,000 levels as key price points due to high open interest on monthly strike options at these thresholds.