#以太坊大户持仓变化 Geopolitical risk is rapidly being re-priced 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 it seems this expectation is collapsing. What does this mean? It means the story of liquidity may need to be rewritten.

For the crypto circle, these two signals stacking up are quite interesting. On one side is the safe-haven capital flow potentially driven by geopolitical shocks, and on the other side is the shift in Federal Reserve policy expectations. How $SOL, $ETH , and other mainstream assets will move depends on how these two trends evolve. $DN , 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.