On April 8th, QCP released a market review stating that Bitcoin rose above $71,000 due to a two-week ceasefire agreement between the US and Iran. However, this agreement is conditional and has not led to a sustained resolution of the conflict. The options market indicates that this recent surge is more like a compression event, with implied volatility of BTC decreasing at the short end, but the skew deepening, and demand for puts on the downside remaining strong. The term structure remains in contango, suggesting that the market has not abandoned hedging. QCP believes that current market caution is justified. Recent attacks on Saudi Arabia's energy infrastructure highlight that even with the recovery of freight transportation, turbulence risks persist. The macroeconomic situation remains complex. Although US employment data has recovered, key labor indicators are weakening, forcing the Federal Reserve to balance between sluggish economic growth and a resurgence of inflation driven by energy. The Consumer Price Index this week will be the next critical test.