QCP Asia Colour - 22 April 25 Not everything that glitters is gold - some of it runs on blockchain. Gold extended its scorching rally overnight, breaking decisively above $3,500 an ounce. The move underscores a broader flight from U.S. equities, Treasuries and the dollar, as concerns around Federal Reserve independence escalate. Market jitters have intensified amid Trump’s sustained calls for rate cuts, alongside speculation that he may be exploring legal avenues to remove Fed Chair Jerome Powell. Digital or not, gold is winning. Bitcoin punched to its highest levels since early April, buoyed by strong spot demand during U.S. trading hours. Spot volumes eclipsed perpetuals, with the largest Coinbase premium in months and $381.3 million in BTC spot ETF inflows, both signaling resurgent institutional interest. Bitcoin’s resilience in the overnight session adds weight to the decoupling narrative. As capital rotates into safe-haven and inflation-hedging assets, BTC and gold are proving to be key beneficiaries…