Yesterday, people were still saying that the conflict was easing, but today the situation has changed again. Just before Trump informed Congress to stop military action against Iran, he immediately said outright that he does not rule out the possibility of restarting airstrikes.

This seemingly back-and-forth set of statements is, in fact, a signal from a high-stakes great-power game with deep implications, not a simple wobble in the situation.

What the market truly needs to focus on has never been whether the conflict will ultimately break out, but rather the continued uncertainty. The situation swings between calming down and cooling off, and then tightening and escalating, constantly updating the market’s risk expectations and stirring the nerves of global financial markets.

Such a highly variable environment is a major negative for traditional assets, and risk-aversion sentiment will continue to weigh on market confidence. But Bitcoin has followed an entirely opposite logic, becoming a beneficiary asset in this special environment.

The core logic behind it is very clear: the more volatile and repetitive the geopolitical situation becomes, the more violently the U.S. dollar credit system’s stability is shaken. Global capital urgently needs a neutral asset that is independent of any single sovereign power to hedge risks and preserve and increase value, and BTC’s core pricing logic is exactly rooted in this.

As for the market’s current state, it is no longer about bearish news suppressing it. Instead, it is repeatedly testing the market’s ability to absorb and sustain. The facts have already provided the answer: all negative news is hard to shake the trend, and the market’s resilience is strong.

A clear conclusion can be stated: this conflict will not end completely in one shot, and the market will not wait until the situation is fully clear before it starts a move. All the current back-and-forth fluctuations and tug-of-war are, in essence, building up energy for the subsequent market trend.#美国寻求战略比特币储备 #DeFi4月安全事件损失超6亿美元 #比特币现货交易量新低