Wu said that according to the latest report from QCP Capital, Chinese stocks lost momentum after a long holiday, with the MSCI Asia Pacific stock index posting its biggest drop in a month. U.S. stocks fell overnight, mainly due to large technology stocks and rising geopolitical tensions, with the VIX volatility index rising to 22 points. The volatility of cryptocurrencies remains stable, with the recent implied volatility at 43%, 3 percentage points lower than the 7-day historical realized volatility. Bloomberg previously reported that Chinese investors may have sold USDT to finance stock purchases since the end of September, while Bitcoin prices have remained flat. As the Chinese stock market rally weakens, capital is expected to be reallocated back to the cryptocurrency market, reflecting the industry's growing maturity as an alternative risk asset. QCP believes that the stock market faces downside risks in the short term due to the upcoming earnings season and the release of the consumer price index (CPI), which may challenge its high valuations. Geopolitical tensions further complicate the market outlook. QCP remains optimistic in the medium term and expects election news to continue to drive volatility in cryptocurrencies.