Global markets opened under pressure across multiple asset classes as investors reduced risk exposure, according to QCP analysis. According to ChainCatcher, the Nasdaq 100 fell in premarket trading from 744.45 to 737.76, gold dropped from $4,260 to $4,147, Bitcoin declined from $84,500 to $82,800, and the U.S. dollar index also moved lower, suggesting broad deleveraging rather than a defensive rotation.

QCP said the main driver was geopolitics after the United States rejected a ceasefire proposal related to the Strait of Hormuz over the weekend, reviving concerns about energy supply disruptions and pushing Brent crude higher. The firm added that this week’s U.S. macroeconomic calendar is heavy, with the PCE price index and nonfarm payrolls seen as key data after the recent Fed rate hike, while markets remain highly sensitive to releases that could affect expectations for further policy adjustments. In crypto options, front-end implied volatility remained elevated as dealers priced downside protection, and spot Bitcoin ETF flows showed hesitation amid broader liquidation. QCP said Bitcoin’s recent technical strength is now facing pressure from geopolitical uncertainty and macro data risk, with key support levels in focus.