QCP: The crypto market will still fluctuate within a range in the short term, and the Bitcoin Conference will be particularly important

News: QCP reported in its channel that Bitcoin's reaction to last Friday's macroeconomic developments was relatively restrained, despite a significant stock market rally. Institutional demand for spot ETFs remains stable, providing underlying market support. Nevertheless, front-end implied volatility remains robust, with Bitcoin price consolidating in a narrow range between $107,000 and $110,000. Recent sustained high volatility indicates that traders are positioning for headline risks ahead of the Bitcoin conference in Las Vegas from May 27-29. Market focus has begun to shift to the conference's speaker lineup, including JD Vance, Michael Saylor, Donald Trump Jr., and Eric Trump. Last July's Bitcoin conference in Nashville serves as a useful reference. At that time, Trump's keynote speech triggered a one-day implied volatility spike above 90, which quickly subsided, with Bitcoin dropping nearly 30% within two days. This event continues to influence market memory. Although a similar significant pullback seems unlikely, market positioning shows a defensive tendency. Over the past 24 hours, perpetual contract open interest has decreased, and funding rates have normalized. Some high-beta retail traders, including James Wynn, have also reduced exposure. Short-term put option demand remains closely watched. In this context, reports that Trump Media is exploring a $3 billion cryptocurrency financing, though denied, have increased market sensitivity to headline news. In the short term, Bitcoin may continue to fluctuate within its current range. Once the conference concludes and key speeches are delivered, front-end volatility is expected to compress as risk premiums fade.