QCP pointed out that tensions in Iran have flared up again, putting pressure on market risk sentiment. Crude oil rebounded by about 8%, with BTC falling back to $74,000 and ETH to $2,300. Despite the rise in geopolitical uncertainty, overall volatility remains low, indicating that the market is leaning towards pricing in a 'controlled conflict.' The trend is expected to remain range-bound, with short-term focus on the impact of statements from the Federal Reserve.