Crypto's Strong Comeback — QCP Market Overview

Wars and turmoil continue, and the Crypto market shows no signs of slowing. Despite stocks and gold remaining under pressure, $BTC and $ETH have broken through 74000 and 2270 respectively, with the market being forced to digest the divergence that has emerged at the end of this quarter.

The current market conditions have revived narratives about cryptocurrency as "digital safe-haven" and "geopolitical hedge." The escalating tensions related to Iran appear to have driven an increase in on-chain trading activity and demand for cross-border liquidity. Last week, USDC supply reached a record high of 81.1 billion dollars, boosting overall stablecoin supply and suggesting that new liquidity is flowing into the crypto market amid growing global uncertainty.

Institutional investor demand also appears to be returning. Bitcoin ETFs have seen net inflows for five consecutive days, with BlackRock's ETF achieving net inflows for the third consecutive week totaling 1.75 billion dollars, while Strategy funds continue to accumulate Bitcoin. The upward momentum of $STRC has also remained strong.

On the options front, spot prices are about to see a significant month-end surge, with approximately 8,000 open contracts for the BTC-27MAR26-75K-C contract. If prices can effectively break through 75,000 dollars, it could trigger gamma effects from institutional spot hedging or forced liquidations, further driving the rally momentum. However, 74,500 dollars remains the immediate resistance level, with substantial short liquidations above it.

That said, from the perspective of cyclical trends, I still believe this is a rebound rather than a reversal.