[QCP: Structural Logic of Digital Assets Remains Intact, Focus on Macro, AI Capital Diversion, and Corporate Holdings Changes in Q3] Deep Tide TechFlow reports that on July 14, QCP released its Q3 outlook for the digital asset market, stating that the structural investment logic of digital assets remains solid. ETFs, corporate asset allocation, and regulatory progress continue to drive institutionalization, but the market lacked clear catalysts in Q2. The report noted that while Bitcoin demonstrated resilience amidst geopolitical shocks, ETF outflows, and confidence fluctuations among major corporate holders, it failed to establish a leading upward trend. QCP believes that marginal institutional funds are increasingly flowing into AI infrastructure, semiconductors, and large IPO projects, leaving crypto assets excluded from related rebounds. Furthermore, if the AI sector weakens, the crypto market may not remain unscathed. Additionally, corporate holding demand can no longer be considered a stable bottom-line support, as market expectations regarding the stability of corporate Bitcoin holdings are shifting. In Q3, the market needs to focus on the macro environment, the Federal Reserve's policy trajectory, capital rotation between AI and crypto assets, as well as position signals in BTC, ETH, SOL, and the options market.