[QCP Capital: U.S.-Iran Situation and Macro Events Intertwined, Market Cautious as Crypto Volatility Heats Up] According to QCP Capital, it has been 12 days since the U.S. and Iran signed a memorandum of understanding, yet military clashes occurred again over the weekend, with both sides accusing each other of violating the 60-day ceasefire agreement, putting pressure on the outlook for the second round of negotiations. Oil prices remain around $70, but if supply recovery is slower than expected, there is still upside risk for oil prices. In the crypto market, implied volatility for BTC and ETH continues to rise, with increased demand for $BTC put options expiring in July at strike prices of $55,000-$58,000. Spot ETFs continue to see net outflows, concerns related to strategy, and pressure from U.S. equities are weighing on market sentiment. However, there has also been significant buying interest in $BTC call options expiring on the 17th with a strike price of $64,000.