Despite escalating geopolitical tensions, Bitcoin remains stable around $105,000, with institutional buying supporting its price amid market volatility. QCP, a trading firm, notes heightened investor anxiety manifested in increased premiums for BTC puts, suggesting a cautious market. Nevertheless, on-chain data indicates that institutional demand for Bitcoin persists, even in the face of significant liquidations across crypto positions. Galaxy Research has downplayed the OP_Return debate, emphasizing that criticisms regarding Bitcoin's viability are overstated, especially considering low mempool congestion compared to previous years. The focus should instead shift to potential upgrades like CheckTemplateVerify. On the market front, Bitcoin's stability contrasts with Ethereum's modest rise, and Asian markets responded positively, particularly with Japan's Nikkei 225 gaining. Gold prices have surged to a one-month high, driven by risk aversion resulting from Middle East tensions. Overall, Bitcoin's current cycle reflects a 656% gain, indicating robust long-term demand despite short-term volatility.

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