Major hedge funds, including Millennium and Brevan Howard, faced steep losses, with QCP citing a $900 million loss from two Millennium teams and a 5% year-to-date decline for Brevan Howard’s Master Fund.

The Singapore-based firm attributed the downturn to escalating trade tensions, particularly reciprocal tariffs involving the U.S., Canada, China, and the EU, warning of a “creeping cost spiral” for the U.S. economy ahead of an April 2 tariff deadline.

QCP further identified the looming tariff decision as the “most immediate headwind” for risk assets, while Middle East conflicts failed to significantly lift oil prices due to potential U.S. supply increases and global demand concerns tied to trade wars.

QCP analysts now view gold as a more reliable risk barometer than oil. Meanwhile, the Federal Reserve is expected to hold rates steady today, though QCP anticipates a prolonged “wait-and-see” stance due to delayed tariff impacts, with analysts closely monitoring any dovish shifts in its policy language.

Bitcoin’s tentative support at $80,000 appears fragile amid broader macroeconomic weakness, according to QCP’s market update, which noted the continued unwinding of speculative crypto positions.

Meanwhile, BTC prices snapped upward on Wednesday following the announcement that the SEC was dropping the Ripple lawsuit. BTC/USD chart via Bitstamp at 10:07 a.m. Eastern Time on March 19, 2025.

Researchers warned that short-term catalysts to reverse the market rout remain elusive, urging investors to prioritize principal-protected yield strategies to hedge against prolonged volatility. “We won’t attempt to call the exact moment when the music stops, but in the short term, we struggle to identify meaningful tailwinds to reverse this rout,” QCP cautioned, emphasizing defensive maneuvers to preserve capital.

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