According to @KobeissiLetter, market analysis from trading firm QCP indicates Bitcoin (BTC) is range-bound around $105,000 as traders monitor the risk of an escalating Israel-Iran conflict. QCP notes that derivatives markets reflect heightened anxiety, with front-end BTC puts trading at a premium, signaling a defensive posture and increased hedging. Despite this caution and over $1 billion in recent liquidations, QCP highlights that on-chain data shows resilient institutional buying providing support. In public markets, Aaron Brogan of Brogan Law points to the successful Circle (USDC) IPO, which raised over $1 billion and saw its market cap surge to $43.9 billion, as a potential indicator that stock markets will pay a premium for crypto-related assets. This trend is further supported by a CoinShares survey showing nearly 90% of crypto holders plan to increase their allocations, indicating strong underlying investor conviction.

According to @KobeissiLetter, trading firm QCP notes that Bitcoin (BTC) is stuck in a range around $105,000 due to uncertainty from the Israel-Iran conflict. QCP's analysis highlights that risk reversals have flipped, with front-end BTC puts now commanding significant premiums, indicating heightened investor anxiety and downside hedging. Despite this defensive positioning and over $1 billion in recent liquidations, QCP reports that on-chain data shows strong institutional buying continues to provide support, leaving the market headline-driven. Separately, Aaron Brogan of Brogan Law analyzes the successful IPO of Circle (USDC), suggesting its massive valuation could be driven by factors like the pending GENIUS Act for stablecoins and high Treasury yields boosting issuer revenue. Meanwhile, Bybit announced the launch of Byreal, a new decentralized exchange on the Solana blockchain, with a testnet planned for June 30.

According to Lookonchain, the Royal Government of Bhutan has transferred 406 BTC, valued at $40 million, to QCP Capital just 15 minutes ago. Despite this transfer, Bhutan still holds a significant amount of Bitcoin, totaling 12,202 BTC, which is valued at approximately $1.2 billion. This move indicates active management of their cryptocurrency reserves and could influence market perceptions of Bitcoin's institutional adoption.

According to @OnchainDataNerd, QCP Capital recently transferred 5 million USDC to Galaxy Digital to accumulate ETH. Shortly after, Galaxy Digital transferred 2,000 ETH back to QCP. Additionally, Galaxy Digital deposited 25 million USDC to Binance and Coinbase yesterday. These transactions suggest active trading and accumulation activities between these entities.

According to @OnchainDataNerd, QCP Capital has deposited 100.5 WBTC, valued at approximately $5.87 million, to Binance just an hour ago. This move could indicate a potential trading strategy or liquidity provision by QCP Capital on the Binance exchange.

According to @0xScopescan, a QCP Capital related address withdrew 76.6K AVAX (worth $2.1 million) from Binance after initially depositing AVAX in Q1. This withdrawal coincided with a 3% increase in the price of AVAX.