📊 QCP notes that #BTC has remained resilient post-geopolitical shock, rebounding to near $70K with significant accumulation by long-term holders in the $60K, $70K corridor. Macro markets are shifting toward a "stagflation" narrative as the G7 and IEA plan a record #release of 300M, 400M barrels of strategic oil reserves. In options, implied volatility has eased to the mid-50s, but negative risk reversals persist, suggesting participants continue to price in tail risks amid a lack of strong upside conviction. #macro