The geopolitical powder keg hasn't gone out, yet capital is already buying the dip in advance—this volatility is unnerving.

QCP Capital stated that although 12 days have passed since the signing of the Memorandum of Understanding (MOU) between the U.S. and Iran, the two sides once again engaged in military exchanges over the weekend and accused each other of violating the ceasefire agreement, leaving the geopolitical situation still uncertain. BTC and ETH remain hovering above key support levels, while the Strategy incident, continued outflows from Bitcoin spot ETFs, and pressure on U.S. stocks continue to weigh on market sentiment. At the same time, traders continue to buy BTC put options expiring in July with strike prices between $55k and $58k, further pushing up implied volatility.