QCP: The BTC rebound is largely due to easing risks; the market remains in a trading range.

QCP released a market analysis stating that BTC rebounded from a low of approximately $75,000 to $78,000, but this rally was primarily driven by risk easing rather than fundamental improvement. It pointed out that the extension of the Iranian ceasefire reduced short-term geopolitical risks, while Federal Reserve officials maintained a data-dependent stance, without releasing any clear easing signals. The rebound in futures open interest and the continued negative funding rates indicate new short-selling activity, with current market movements reflecting volatility driven by expectations of short squeezes. In the options market, short-term volatility is around 40%, with a skew towards downside protection and a relatively flat term structure, indicating an overall range-bound pattern. QCP believes that future market movements will still depend on oil prices and monetary policy signals; in the absence of clear catalysts, the market may maintain range-bound trading.