# Crypto's Strong Comeback — QCP Market Overview

War and turmoil continue, and the crypto market remains active. Despite ongoing pressure on stocks and gold, $BTC and $ETH prices have broken through 74,000 and 2,270 respectively, with the market being forced to digest this quarter-end divergence.

The current market conditions have reinvigorated narratives around cryptocurrency as "digital haven" and "geopolitical hedge." The escalating Iran-related tensions appear to have driven increased on-chain trading activity and demand for cross-border liquidity. Last week, USDC supply reached a record $81.1 billion, pushing up the overall stablecoin supply and indicating that new liquidity is flowing into the crypto market amid heightened global uncertainty.

Institutional investor demand also appears to be returning. Bitcoin ETFs have seen net inflows for five consecutive days, with BlackRock's ETF achieving net inflows for the third consecutive week totaling $1.75 billion, while Strategy funds continue to increase their Bitcoin holdings. The upward momentum of $STRC also remains robust.

From an options perspective, spot prices are heading into a month-end surge, with approximately 8,000 open contracts in the BTC-27MAR26-75K-C contract. If prices can effectively break through $75,000, it could trigger gamma effects from institutional spot hedging or forced liquidations, further driving the momentum of this rally. However, $74,500 remains the immediate resistance level, with significant short liquidations above.

That said, from the perspective of cycle trends, I still believe this is a rebound rather than a reversal.