The recent sharp decline in cryptocurrencies is indeed worth paying attention to. Bitcoin has retraced from its high two months ago to over 75K now, and Ethereum has also fallen to just above 2K, with 24-hour drops around 1%. Speaking of which, geopolitical issues are still causing trouble; Trump's extension of the ceasefire agreement initially boosted risk sentiment, but now it seems the rally has lost momentum.

At the same time, the U.S. stock market also shows some interesting signs. The three major index futures are slightly up, Tesla's stock price has risen nearly 1% in pre-market trading, ahead of the Q1 earnings report released after the market closes today. Gold has fallen below $4,800, and Morgan Stanley has lowered its gold target price. Oil has rebounded close to $100 due to disruptions in the Strait of Hormuz. It feels like the market is waiting for signals from Tesla's earnings; if they can demonstrate an AI premium story, it might trigger a rebound, but without clear profit guidance, the high valuation risk remains. While cryptocurrencies are plunging, traditional markets are also digesting these uncertainties.