According to CoinMeta, Wu said that QCP Capital indicates that Bitcoin has experienced a dual impact within 48 hours from the failure of a procedural vote in the U.S. Senate Clarity Act and the Federal Reserve's interest rate hike. The former caused BTC to fall by about 4% to $75,900, followed by a 25-basis-point interest rate hike by the Federal Reserve. BTC subsequently rebounded to around $77,000, with approximately $260 million in shorts being liquidated, and it is currently trading around $76,500. U.S. spot BTC ETF saw net outflows of $450 million on September 15th and $296 million on September 16th, before resuming net inflows of $159 million on the 17th, of which IBIT had a net inflow of $184 million. QCP believes that the stabilization of BTC reflects that some of the downside risks have already been priced in. The Federal Reserve raised interest rates to 3.75%–4.00%, and Chairman Powell emphasized that inflation is still too high, refusing to provide forward guidance. Meanwhile, the U.S. SEC introduced a five-year conditional exemption that allows compliant platforms to trade tokenized stocks through a licensing system for market makers, but this does not cover synthetic tokens that lack actual shareholder rights. QCP believes that this move may have long-term effects, but its legal sustainability is not as strong as that of formal legislation.