Singapore based cryptocurrency investment firm QCP Capital has reported that a $3 billion Bitcoin fund has become the focus amidst a flood of headline news in the market. Cantor, SoftBank, Tether, and Bitfinex have teamed up to launch the 21 Capital Fund, led by Brandon Lutnick, aimed at acquiring a large amount of Bitcoin. The fund plans to raise $350 million through convertible bonds and $200 million through private equity financing. Its architecture is similar to the highly anticipated Strategy company that once heavily invested in Bitcoin, but 21 Capital has a new change: converting Bitcoin holdings into equity and issuing shares at $10 per share, actually valuing Bitcoin at $85000 per share. 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 boost the cryptocurrency market. Bitcoin has broken through the technical resistance level of $88800 and the psychological barrier of $90000, with a trading price as high as $93500. At the same time, the price of gold fell by 6%, highlighting the recovery of market risk appetite and a clear shift of funds towards digital assets. Institutions are no longer probing, but fully investing in the cryptocurrency field. As the Strategy strategy fades out, 21 Capital is expected to become a new benchmark for cryptocurrencies.
Macro risks still exist, but key issues seem to have been resolved. Trump stated that he will not replace Federal Reserve Chairman Powell for now, which will lead to a decline in long-term yields and reduce tail risks. Despite the stabilization of the bond market, the US stock market is still close to its historic high of 5400 points, and the market response is mild and cautious. However, the overall outlook is complex, with challenges still posed by trade frictions, geopolitical tensions, and regulatory opacity. Investors need to be alert to rapid market changes and pay attention to potential turning points.