The United States launched a new round of self-defense strikes in southern Iran, reigniting Bitcoin's Iran risk trading logic. Oil prices surged briefly, risk assets came under pressure again, and BTC repeatedly fluctuated around the $77,000 mark. On the other hand, news of peace talks is also fermenting, with the US and Iran discussing a plan to open the Strait of Hormuz; the earlier ceasefire agreement has been extended to 60 days, and the nuclear negotiations window remains open.

Under the influence of these two forces, the overall market remains within a narrow range of $77,000 to $78,000, with a blurred sense of direction, but structurally not bad. It is worth noting that a clear signal has appeared in the options market—The put/call ratio for BTC on Deribit has dropped to 0.41, with a large number of open interest in call options concentrated around $79,000, indicating institutional funds are quietly betting on an upward breakout.
The total trading volume of the global crypto market is approximately $73.3 billion, with Bitcoin accounting for 58.1%, Ethereum 9.64%, and overall liquidity maintained at normal levels.