QCP Capital pointed out that after Trump's speech did not mention Cryptocurrency, the market gradually began dumping, resulting in a loss of $816 million in long positions. At the same time, the implied Volatility curve of BTC remained strong in the short term and showed an inverted state. According to Bloomberg, eight states, including Texas and Massachusetts, have proposed the establishment of Cryptocurrency reserves, and five other states plan to follow suit. In addition, the market remains highly attentive to whether the Trump administration will launch a national strategic BTC reserve plan. As a result, the short-term volatility of BTC has significantly risen, and the short-term implied Volatility of Options remains high.