QCP Capital reports that recent military clashes between the US and Iran, following a memorandum of understanding signed 12 days ago, have increased market uncertainty. The tensions, coupled with macroeconomic events, are contributing to rising volatility in the crypto market. Bitcoin (BTC) and Ethereum (ETH) implied volatility is on the rise, with increased demand for BTC put options expiring in July at strike prices of $55,000-58,000. Meanwhile, large purchases of $64,000 BTC call options expiring on the 17th have been observed. The market is also focused on upcoming economic indicators, including Fed Chair Kevin Warsh's speech at the ECB Forum, the ISM Manufacturing PMI, and US nonfarm payroll data. With low liquidity expected ahead of the holiday, market volatility is anticipated to remain high, influenced by strategy-related concerns and pressure on US equities.