QCP Asia Colour – 25 June 2025 War Drums Fade, Risk Appetite Roars Despite Israel resuming limited strikes just hours after a tentative ceasefire, financial markets barely blinked. Traders appeared to have priced in a resolution or simply stopped waiting for one. Instead of flight-to-safety, the move was risk-on in full force. The Nasdaq 100 clocked fresh record highs, while the S&P 500 ended less than 1% shy of its all-time closing peak from February 2020. Oil prices have now fully retraced back to pre-conflict levels, further fuelling the shift in sentiment. Among S&P 500 constituents, Coinbase Global Inc. (COIN) staged the standout performance, surging 12% on Tuesday to close at $344.94. This marked its highest level in over six months. Two major regulatory breakthroughs lit the fuse: 1. The GENIUS Act, a landmark U.S. bill that introduces a long-awaited stablecoin framework. This brings long-overdue compliance clarity and paves the way for institutional adoption. 2. MiCA Milestone: Coinbase secured formal…