[QCP Market: War Clouds Suppress Risk Assets, BTC Resilience Remains] According to QCP Market analysis, the deadline set by Trump for Iran to open the Strait of Hormuz has passed, and the originally planned action has been postponed, giving the market's risk appetite a temporary breather. Over the weekend, BTC briefly fell below $70,000 but performed better than in previous risk-off sell-offs. QCP believes that against the backdrop of U.S. debt exceeding $39 trillion, stagflation pressures, and rising discussions on de-dollarization, BTC may be gradually breaking away from the pricing framework of a 'high-beta risk asset.'