With crude oil prices plummeting this morning and inflation expectations temporarily cooling down, Bitcoin experienced a significant rebound, returning to the $70,000 level.

This once again demonstrates Bitcoin's characteristic as a "liquidity thermometer." Once the "signal" of rising inflation driven by oil prices subsides, market fears of interest rate hikes ease, liquidity expectations recover, and Bitcoin quickly regains its footing.

This rise and fall also reflect the latest stance of the Trump administration on the war situation.

In his speeches last night and this morning, Trump’s attitude has shifted subtly but critically. Although he previously demanded Iran's "unconditional surrender," he stated at the latest press conference that the military operations by the US and Israel "are progressing very smoothly and ahead of schedule," implying that the main military objectives have been "basically achieved."

At the same time, Trump also hinted at a ceasefire, openly stating that the conflict will be "very soon" resolved. While he did not specify a concrete ceasefire timetable, this "mission nearly accomplished" posture greatly alleviates market fears of a "long-lasting war" and "full-scale conflict."

Meanwhile, concerns surrounding the Strait of Hormuz have also significantly eased this morning. The core logic behind the previous surge in oil prices was market worries that this critical passage, through which nearly one-fifth of global oil passes, might be blocked. Trump today played several cards on the supply side: announcing plans to deploy the US Navy to directly escort oil tankers, considering exemptions from some energy sanctions to offset Middle Eastern shortages, and mentioning the mobilization of about 100 million barrels of oil from Venezuela into the market.

At the same time, G7 finance ministers issued a joint statement, saying that countries have reached a consensus and are ready to release emergency strategic oil reserves at any time. Under this multi-pronged approach, a large amount of short-term speculative funds began to close positions and withdraw near $120$BTC