QCP Asia Colour – 21 January 25 Amid ceremonial cannon fire and a star-studded Capitol Hill, Trump’s inauguration sparked speculation about crypto-related executive orders. Sentiment drove volatility buyers to push front-end vols significantly higher, creating massive vol-of-vol, with Friday expiry trading in a 25v range over 24 hours. When Trump’s speech failed to mention crypto, the sell-off was gradual but still significant, wiping out $816 million in long positions. The BTC vols curve remains firm at the front end, holding in backwardation. Markets received a stark reminder of life under President Trump, with more volatility-inducing rhetoric. His threat to impose tariffs of up to 25% on Canada and Mexico is a case in point. Crypto Outlook While markets await Trump’s move on a potential national strategic Bitcoin stockpile, states are acting independently. According to Bloomberg, eight states, including Texas and Massachusetts, have proposed crypto reserves, with five more poised to follow. More short…