Odaily News QCP Capital said in its latest market view that despite the escalation of tensions in the Middle East, Bitcoin (BTC) has not seen a panic drop. After a brief pullback last Friday due to news from Iran and Israel, BTC has rebounded from $102,800 to $107,000, and the overall market sentiment has stabilized. QCP pointed out that the resilient performance of BTC prices is supported by the continued increase in institutional positions, including the "buy the dip" actions of companies such as Metaplanet and Strategy, and the BTC spot ETF has recorded net inflows for seven consecutive weeks. Compared with a drop of more than 8% in a similar situation in April last year, BTC has only fallen by about 3% this time, and has held the key psychological level of $100,000, indicating that the market's ability to withstand pressure has increased. In addition, the implied volatility of BTC short-term options is still below 40, the VIX index remains around 20, and U.S. Treasuries and some Asian sovereign bonds have continued to receive capital inflows, indicating that the overall market has not yet fully entered a risk-averse mode. However, QCP also warned that if the Strait of Hormuz is blocked due to the situation in Iran, or the United States directly intervenes in the conflict, it may cause oil prices to soar and disturb global risk assets. But from a structural point of view, this macro dislocation and geopolitical turmoil may continue to promote BTC as a "safe asset" to be sought after.