Bitcoin has dropped below $78,000 after a period of consolidation around $80,000, as reported by QCP. The decline follows the expiration of over $4 billion in IBIT options last Friday, which weakened the at-the-money gamma support previously held by market makers. This has led to a reduction in mechanical spot price support for Bitcoin. In parallel, U.S. equities have retreated from recent highs, with Treasury yields rising to 4.62% for the 10-year and 5.14% for the 30-year bonds. The USD/JPY exchange rate is nearing 160, raising the possibility of intervention and the unwinding of yen carry trades. QCP suggests that without significant developments in tariffs or U.S.-Iran negotiations, the crypto market is expected to remain range-bound.