QCP Asia Colour – 4 February 25 Crypto remains on a rollercoaster, with BTC briefly reclaiming $100k after news of a one-month delay to U.S. tariffs on Mexico and Canada, hinting at potential trade mediation. However, relief was short-lived as China retaliated with new tariffs, sending BTC back to $98k. China also launched an antitrust investigation into Google, signaling a readiness to escalate tensions by targeting major U.S. tech firms. Any resulting sanctions or restrictions could weigh on earnings, posing a key risk to risk-on assets. Amid BTC’s climb to $100k last night, markets also reacted to Trump’s executive order directing officials to create a U.S. sovereign wealth fund. While some see this as a potential source of fresh Bitcoin demand, details remain unclear—particularly regarding how it would be funded. What’s next for crypto? Trade uncertainty continues to cloud the outlook, with options markets now evenly balanced between puts and calls through March. However, volatility could resurface with…