**[QCP: Long-Term Interest Rate Volatility and ETF Inflows Drive Crypto Market Strength]** Deep Tide TechFlow reports that on August 21, QCP noted in a report that Bitcoin recently surged from approximately $64,000 to nearly $76,000 within four trading days, with the breakout coinciding with changes in the global long-term interest rate environment. Previously, the U.S. 30-year Treasury yield rose to about 5.33%, the highest level since 2007. Subsequently, the U.S. Treasury announced an expansion of long-term Treasury liquidity support through repurchase agreements starting September 9, which led to a decline in long-term yields, a weaker dollar, and simultaneous increases in Bitcoin and gold prices. The report emphasized that this repurchase plan is not quantitative easing but is primarily aimed at improving long-term Treasury liquidity. However, its timing has drawn greater market attention to the impact of Treasury debt management on financial conditions. Meanwhile, long-term yields in Japan, Europe, and other regions have also risen to multi-year highs, indicating that global long-term capital supply and demand pressures remain unresolved. Growth in capital expenditures related to artificial intelligence is also competing with government financing for long-term funds. On the trading side, Bitcoin's initial rise was primarily driven by short covering rather than large-scale liquidations. QCP data shows that perpetual contract buying significantly outpaced spot buying, but overall open interest saw little change. Subsequently, U.S. spot Bitcoin ETFs recorded a net inflow of $517 million, marking the strongest single-day performance since May, indicating that spot demand is beginning to take over. In the options market, Bitcoin's short-term at-the-money implied volatility rose rapidly, with 30-day at-the-money volatility climbing above 40. However, the downside skew remains relatively mild, suggesting that the market is more focused on pricing volatility rather than betting on a significant short-term pullback. Looking ahead, the market will focus on the U.S. July PCE data on August 26, the Jackson Hole Global Central Bank Symposium from August 27 to 29, and the Federal Reserve's FOMC meeting from September 15 to 16. QCP believes that the key to the current crypto market lies in whether spot demand can sustain itself after the initial position adjustments, especially in the context of leverage rebuilding.