Looking back at 2025, it was truly a year in which geopolitical turmoil accelerated. Under the Trump administration, the United States withdrew from the Paris Agreement and the WHO one after another, and just that alone cracked the world order significantly. Meanwhile, tensions with Iran also rose, and the situation in the Middle East fell into an unpredictable state.

The Gaza ceasefire negotiations ultimately failed as well, and the Russia-Ukraine conflict continued without even a hint of signs of resolution. Venezuela was economically squeezed by U.S. oil sanctions, and in South Korea, sudden elections were held, among other things, as political instability increased as well. The Kashmir issue between India and Pakistan also intensified, and tensions across South Asia rose another step.

In fact, these kinds of events are directly tied to market psychology. The fear and greed index remained unstable because these geopolitical risks were always lingering in investors’ minds in the back of their minds. I think the mixed performance of altcoins also reflected market uncertainty. The conflict in Sudan and the dispute between Cambodia and Thailand are ongoing as well, and the effects of these are likely to persist long term beyond 2026.

Looking at the chain of events of 2025, it becomes clear that for market participants, geopolitical risk management has become more important than ever.