QCP analysis indicates that amid the escalation of the Iran conflict, the crypto market maintained range-bound fluctuations, with Bitcoin briefly dropping to $63,000 and Ethereum reaching $1,910 before rebounding. On Saturday, U.S. attack news triggered approximately $300 million in long liquidations, but the scale was manageable, showing that positions have significantly decreased, and some safe-haven funds may have shifted to tokenized gold and other 24-hour assets. The options market responded mildly, with the 1-day implied volatility briefly rising to 93%, but overall it still remains difficult to sustain above 60%. After a similar weekend attack in June last year, Bitcoin briefly fell below $100,000, rebounded on Monday, and then rose to a high of $123,000 in the following weeks. Currently, bullish options buying (including March 74k and 75k strike prices) has also appeared, indicating some funds are betting on a rebound in March.