QCP: Crypto markets downplay escalating Iranian risks, but the sustainability of the latest rally remains to be seen.

A recent analysis by QCP Capital points out that US President Trump's decision to take action against Iran, postponed again until Tuesday for the fourth time, indicates that the market is gradually becoming immune to the recurring pattern of "tough statements + negotiating signals," cooling expectations of escalating risk. Oil prices weakened, while stock index futures remained stable. In the crypto market, Bitcoin and Ethereum broke through $69,000 and $2,140 respectively during Asian trading hours, triggering approximately $200 million in short liquidations in a illiquid environment. Overall, despite continued geopolitical disturbances, price performance leans more towards stabilization than downward pressure. In terms of funding, institutional funds continue to provide support, with the Bitcoin ETF recording approximately $1.32 billion in net inflows in March. The current market is generally risk-on, with investors not fully prepared for a short-term escalation of conflict. However, with the reopening of US stocks, the sustainability of this rebound remains to be seen.