Odaily Planet Daily News QCP Capital's latest report pointed out that momentum traders' re-leveraging and the expansion of corporate buybacks have driven the stock market up. This risk appetite trend may extend to the cryptocurrency market, which is expected to drive Bitcoin prices up. The US election has become the focus of the market, and the Bitcoin options market has shown a bearish trend before the election, with a volatility spread of 6 percentage points before and after the election. The Republican Party has expressed support for ending regulatory measures on cryptocurrencies, while the Democratic Party is relatively conservative. In view of potential market volatility and election risks, QCP Capital recommends that investors adopt a defensive strategy in the third quarter, oriented towards high returns and limited downside risks.