QCP Capital's latest report points out that the current macro environment is increasingly favorable for risk assets, including cryptos. The People's Bank of China has introduced a series of policies to stimulate the real estate and stocks markets, including a 500 billion RMB swap tool for non-bank financial institutions, which have already shown initial results. QCP Capital expects further policy loosening in China, combined with the possibility of the Fed joining a global rate-cutting cycle as major central banks (excluding the Bank of Japan) are preparing to inject more liquidity into the markets. The yield spread between the US 2-year and 10-year Treasury bonds continues to widen, currently reaching 21 basis points, indicating an optimistic market sentiment towards economic growth. In addition, US Vice President Kamala Harris has made positive remarks about ai and digital assets, leading to a rise in related cryptocurrencies. The US Securities and Exchange Commission (SEC) has approved options trading for BlackRock's bitcoin spot ETF (IBIT), demonstrating the increasing recognition and demand for digital assets as an asset class.