What is the macro scenario when the US-Iran standoff meets Trump's visit to China?

Currently, the market faces two intertwined macro themes: the energy uncertainty caused by the US-Iran standoff, and the geopolitical expectations reshaped by Trump's visit to China. For the crypto market, these two influences follow different paths. The US-Iran standoff pushes up oil prices, intensifies inflation concerns, and suppresses rate cut expectations—this is bearish for risk assets. However, Trump's visit to China may signal a temporary easing in US-China relations, partially offsetting the aforementioned pressure. If the outcomes of the visit exceed expectations, the market could see a resonance of "geopolitical risk easing + trade expectation improvement," with altcoins, as high-beta assets, leading the response. Conversely, if the US-Iran situation escalates further, oil prices surge again, and the shadow of liquidity contraction will limit the rebound potential of altcoins. Mid-May is a dense window of macro events, and altcoin traders need to pay close attention not only to candlestick charts but also to diplomatic language and energy prices.