Geopolitical conflicts + regulatory reshuffling + institutional portfolio adjustments, three forces collide simultaneously. Tonight's volatility is likely to be maxed out.

CoinWorld News: Trump announced the termination of the ceasefire agreement, escalating the US-Iran military conflict as Iran launched missiles at a US military base in Jordan. JPMorgan noted that the shift of blockchain toward permissioned chains poses a structural risk to Bitcoin. BlackRock transferred 951.5 BTC to Coinbase Prime, worth about $59 million. Circle faces criminal charges filed by prosecutors in Wisconsin for refusing to assist in recovering scam funds. The US Supreme Court ruled 6-3 that the president has the power to remove leaders of independent federal agencies, affecting the progress of SEC and CFTC regulation. HyperLiquid has asked the CFTC to recognize that on-chain protocols do not need to be registered. Spot gold rose 1% during the day, breaking through $4,118.26 per ounce.