The latest report from QCP Capital points out that the current macro environment is increasingly favorable for risk assets, including cryptocurrencies. The PBOC has launched a series of policies to stimulate the real estate and stock markets, including the 500 billion yuan swap facility for non-bank Financial Institution Group, and these measures have begun to pay off. QCP Capital expects further policy easing in China, coupled with the possibility that the Federal Reserve will join the global interest rate cut cycle, and major central banks (except the Bank of Japan) are ready to inject more liquidity into the market. The spread between US 2-year and 10-year government bond yields has continued to widen, currently reaching 21 basis points, indicating that the market is optimistic about economic growth. In addition, U.S. Vice President Kamala Harris has taken a positive stance on artificial intelligence and digital assets, triggering a rally in related currencies. The Securities Exchange Commission (SEC) has approved options trading on the BlackRock Bitcoin Spot ETF (IBIT), demonstrating the growing recognition and demand for digital assets as an asset class.