QCP Asia Colour, 5 January 2026 Regime Change: From Caracas to Crypto After a range-bound December, crypto broke higher in early Asia, with BTC and ETH clearing $92k and $3,100. The move landed alongside firmer equities and softer oil, with markets also digesting the U.S. special forces operation that captured Venezuela’s Nicolás Maduro, now headed for U.S. court. Crypto’s alignment with broader risk assets is looking less like a coincidence and more like a regime shift to start the year, helped by year-end tax loss harvesting fading and policy optionality back on the radar. The Venezuela angle adds a second-order kicker. The disinflationary impulse from lower oil prices is straightforward. The less tidy part is the chatter around a potential Venezuelan “shadow” BTC reserve. With disinformation already swirling, treat reserve headlines with caution. Still, the strategic frame is hard to ignore: if any seized coins are retained, not liquidated, it tightens the market’s sovereign-accumulation narrative. Options…