So, this recent surge in BTC shouldn't be simply understood as "geopolitical easing = direct sharp rise." More accurately, it is trading on three factors: first, the macroeconomic pressure relief brought by the pullback in crude oil; second, the market's concentrated correction of risk-averse panic; third, funds reallocating into highly elastic assets to switch risk preferences. But as long as the control dispute over the Strait of Hormuz persists, as long as the ceasefire agreement remains uncertain, and as long as both the U.S. and Iran continue to publicly criticize each other, the rise here still carries a heavy element of game theory.