Geopolitical risk is rapidly re-pricing in the market. The Middle East situation could be a key variable—once the oil supply chain is affected, the entire commodity logic will be overturned.

Meanwhile, US inflation data is gradually clearing. The market once expected a wave of rate cuts in Q1, but now that expectation appears to be collapsing. What does this mean? It suggests that the story of liquidity may need to be rewritten.

For the crypto space, these two signals combined are quite interesting. On one side is the safe-haven flow potentially driven by geopolitical shocks, and on the other side is the shift in Federal Reserve policy expectations. How $SOL, #以太坊大户持仓变化 , and other mainstream assets will move depends on how these two trends develop. $ETH , as a smaller coin, will be more volatile.

The current market pricing logic is being reshaped, and participants need to closely monitor the developments in these two dimensions.