The latest QCP Capital report pointed out that the re-leveraging of momentum traders and the expansion of corporate buybacks drove the stock market higher. This risk appetite trend may extend to the cryptocurrency market, which is expected to drive the price of bitcoin higher. The US election became the focus of the market, and the bitcoin options market showed a bearish trend before the election, with a volatility spread of 6 percentage points before and after the election. Republicans expressed support for ending regulatory measures on cryptocurrencies, while Democrats are relatively conservative. Given addressable market volatility and election risks, QCP Capital advises investors to adopt a defensive strategy in the third quarter, oriented towards high returns and limited downside risk.