[QCP: Fed Rate Cut Expectations and Corporate Earnings Resilience May Support Bitcoin's Year-End Performance] On November 12, QCP released a market observation stating that after a decline during the U.S. trading session, Bitcoin's price stabilized around $103,000 during the Asian session. The Senate has approved a temporary funding bill, extending government funding until January 30 next year, avoiding administrative disruptions during the holiday season but failing to address structural issues. Polymarket data shows a 96% probability that the government shutdown will end between November 12 and 15. QCP expects that potential Fed rate cut expectations and corporate earnings resilience will support the performance of risk assets and Bitcoin before the end of the year.

[QCP Asia: BTC Remains Resilient Amid Macro Volatility, U.S. Government Shutdown May End This Week] QCP Asia's report highlights that the U.S. Senate has passed a temporary funding bill, extending government operations until January 30 next year. Polymarket predicts a 96% probability that the shutdown will end by mid-November. Despite fluctuations in the U.S. market, BTC remained steady around $103,000 during the Asian session. ADP and NFIB data indicate a slowdown in the labor market, suggesting the Federal Reserve may maintain a 'cautiously accommodative' stance ahead of its December policy meeting. QCP Asia believes that tariff tensions and credit volatility are causing market turbulence, but potential rate cuts and robust corporate earnings could support BTC and risk asset performance through 2026.

After a long period of calm, the volatility of Bitcoin began to rebound, mainly driven by changes in market liquidity, the market downturn in October, and a decrease in liquidity. （CoinDesk）

[U.S. Government Shutdown Causes $408 Billion Loss in Growth Potential for Crypto Market] CryptoQuant analysis shows that the U.S. government shutdown has had a significant impact on the growth rate of the cryptocurrency market. Between October 1 and November 10, the total market capitalization of the crypto market lost $408 billion in growth potential. Market capitalization growth rate data indicates that Bitcoin's growth rate dropped from 16.75% on October 1 to 6.60% on November 10; the growth rate of the top 20 assets (excluding Bitcoin) fell from 32.29% to 14.67%; and the growth rate of small and mid-cap assets plummeted from 18.57% to 0.21%.

[U.S. Flight Cancellations Hit Lowest Since Shutdown, House to Vote on Temporary Spending Plan] On November 12, U.S. flight cancellations may hit the lowest level since the Trump administration's restrictions on air travel. According to FlightAware data, as of 4 a.m. New York time, 878 domestic and international flights in the U.S. were canceled. Although the number may rise, part of the reason is the reduction in scheduled flights. Last week, the Federal Aviation Administration ordered airlines to cut flights at about 40 busy airports nationwide, with reductions reaching 8% on Thursday and 10% on Friday. Since the cuts were implemented, approximately 9,000 flights have been canceled. The Republican-controlled House of Representatives will consider a temporary spending plan, which may end the 43-day government shutdown. However, the speed at which the agreement will alleviate disruptions remains unclear.