Good morning, everyone. First, let’s take a look at the situation between the US and Iran.

In the past two days, the US military was hit by drone and missile attacks in Jordan and Iraq, with personnel casualties reported. Shortly after, Trump said Iran would pay a greater price for this. Immediately afterward, the US military launched a new round of airstrikes against Iran, and it has now been carrying out military operations for the 10th consecutive day.

Meanwhile, the White House is assessing whether to further expand its strikes against Iran. If the situation continues to escalate, the scope of the strikes could expand from targets around the Strait of Hormuz to areas near Tehran, and even Iranian nuclear facilities.

Shipping risks are also rising. The Houthis announced restrictions on Red Sea shipping toward Saudi Arabia, forcing some merchant ships entering and leaving Iranian ports to reroute. If passage through the Red Sea and the Strait of Hormuz is further disrupted, crude oil transport, shipping costs, and energy prices could all be affected.

Affected by geopolitical developments, the three major US stock indices fell for the third consecutive trading day. Although Bitcoin is also under pressure, its overall decline has been limited so far; it is still consolidating without any clear breakdown.

Now let’s look at institutional flows: according to CoinGlass data, on the latest trading day, crypto ETFs saw total net inflows of about $119 million. Among them, Bitcoin ETFs recorded net inflows of about $110.3 million, making it the main source of this round of inflows.

Over the past 5 trading days, crypto ETFs have accumulated total net inflows of about $745 million. This suggests that even though the US-Iran situation has remained tense, institutional funds have not shown any obvious withdrawal, and there is still some demand support under the market.

From the trend, the overall market structure has not been broken for now and remains biased toward a gradual uptrend within a range. Going forward, if the US-Iran situation cools down, the market still has room to rebound further; if the conflict expands further, near-term volatility is likely to increase as well.

As for today’s broader market, my personal bias remains bullish—and specifically, a slow grind higher within consolidation.

Short-term to watch:

BTC: resistance near $67,000.

ETH: resistance near $1,970.

SOL: resistance near $80.
$BTC ‌$ETH ‌$SOL ‌