Risk appetite returns, Bitcoin may become a new benchmark for macro hedging.

[Coin World] QCP released today's analysis stating, "Although Israel resumed limited airstrikes just hours after a temporary ceasefire, the financial markets have experienced almost no fluctuation. The market not only did not display a 'risk-off mode,' but instead fully shifted to a 'risk preference' – the Nasdaq 100 index reached a new historical high, and the S&P 500 index is also less than 1% away from the historical closing high of February 2020. Meanwhile, oil prices have completely retraced to levels before the outbreak of the conflict, further boosting the shift in market sentiment.

Among the S&P 500 components, a trading platform surged 12% on Tuesday, closing at $344.94, marking its highest level in over six months. On the other hand, institutional interest in Bitcoin continues to heat up. The ProCap fund has attracted market attention, having recently purchased $386 million worth of Bitcoin. This is part of its clear strategy to regard Bitcoin as "corporate treasury reserve asset." Since the beginning of June, the number of companies incorporating Bitcoin into their balance sheets has nearly doubled, with over 240 companies currently holding a total of 3.45 million BTC. If this trend continues, Bitcoin is not only expected to compete with gold as a macro hedge tool but may even compete in total market capitalization.

In this environment where macro, military, and monetary forces intersect, traditional risk premiums are shifting from "hedging tools" to "market benchmark assumptions." The market's tolerance for geopolitical Fluctuation is undergoing unprecedented tests.