QCP points out that the Iran situation has become tense again, market risk sentiment is under pressure, crude oil has rebounded about 8%, BTC has fallen back to $74,000, and ETH to $2,300. Despite rising geopolitical uncertainty, overall volatility remains low, indicating that the market is more inclined to price in a "manageable conflict," and the trend is still expected to fluctuate within a range. In the short term, attention should be paid to the impact of Federal Reserve-related statements.