QCP analysis points out that cryptocurrencies rose for the third consecutive day yesterday, with BTC testing $64,000 again and ETH returning to $2,500. The rise was supported by strong inflows into BTC and ETH spot ETFs. Over the past two days, the BTC ETF recorded a net inflow of $250.3 million, while the ETH ETF had a net inflow of $8.1 million. With no major macroeconomic events happening before this Friday, except for the upcoming PCE price report, cryptocurrency prices may take a breather here as enthusiasm for interest rate cuts fades. In options, front-end BTC volatility is down 6 points from yesterday's peak, and volatility continues to decline as the market adjusts to the path of policy normalization.