QCP points out that despite the renewed tensions in the Middle East leading to a fragile macro environment and crude oil prices maintaining a geopolitical premium, Bitcoin remains volatile around $71,000, demonstrating clear resilience. On-chain data shows recent net outflows of BTC, indicating tokens are being withdrawn from exchanges rather than being sold off, while BTC market share continues to rise. In the options market, implied volatility (IV) has decreased both intraday and weekly, and the forward premium (Contango) remains moderate. Although there is still demand for downside hedging, there is no sign of panic. QCP believes that until macroeconomic re-pricing or geopolitical stability is achieved, BTC will continue to trade within a news-driven range rather than establishing a clear trend.