Online reported that the QCP issued a briefing saying,"The unexpected rise in job vacancies has boosted risk sentiment, with the S & P 500 approaching the psychologically important 6000-point mark ahead of the release of key non-farm payrolls data on Friday. Stable non-farm payrolls data will consolidate the Fed's narrative of labor market resilience and strengthen market expectations that interest rates will remain unchanged. On trade, the market is still on the sidelines, waiting for the expected meeting between Xi Jinping and Trump. Short-term volatility of Bitcoin (BTC) has declined, with spot prices remaining near the familiar level of $105,000; one-month implied volatility has dropped below 40 volatility. In the interest rate market, trading volume of China's 10-year and 30-year treasury bond futures fell to its lowest level since February, reflecting broader risk aversion and wait-and-see attitude. Bitcoin continues to fluctuate range-bound, with light positions and distortions in normalization indicating a lack of clear directional beliefs in the market. Since May, the volatility curve has flattened from the middle to the far end, reflecting a downward trend similar to the VIX index and prompting some investors to engage in opportunistic long-term volatility trading. It is worth noting that a $130,000 call option expiring in September traded at a volatility of 47, indicating local market interest in the upside before the third quarter. Looking ahead, the third quarter may be more challenging. Tariff-related effects may begin to seep into macro data, while fiscal risks surrounding the Big Beautiful Bill (BBB) and the debt ceiling could trigger potential news swings. In the absence of a clear catalyst, Bitcoin is unlikely to significantly break through the current range."