QCP's latest market report indicates that the breakdown of US-Iran negotiations over the weekend pushed crude oil prices back above $100, leading to a decline in market risk appetite. In the crypto market, Bitcoin encountered resistance around $74,000, while Ethereum fell from $2,330 to $2,180, indicating a slight adjustment in short-term expectations. The report states that Trump's remarks about closing the Strait of Hormuz, coupled with potential provocative signals from Iran, have increased geopolitical uncertainty, but the market remains cautious about actual implementation. Meanwhile, implied volatility in the crypto market has fallen back to pre-conflict levels, showing that the market is gradually digesting related risks. In terms of funding, Bitcoin ETFs continue to see inflows, with IBIT experiencing a net inflow of approximately $612 million last week. Market focus is shifting from policy statements to actual implementation.