Recently, I was reviewing a market analysis from Bitunix analyst, and it was quite interesting. They pointed out that the core contradiction in the current market is no longer simply the rising oil prices, but has evolved into a game over "energy transportation rights and supply availability"—this involves U.S. pressure on Iranian ports, increasing risks in the Red Sea, and Saudi Arabia warning of possible retaliatory blockades.

This change is reflected in a very interesting phenomenon: WTI is rarely trading at a premium over Brent. According to Bitunix's analysis, this indicates that capital has shifted from "global benchmark pricing" to considerations of "physical deliverability," meaning energy has officially transformed from a commodity into a strategic asset. In other words, the market is no longer just watching global oil prices but is beginning to care about "whether it can really get it into my hands."

From a policy perspective, this shift reinforces the risk of inflation becoming sticky. Federal Reserve officials have already made it clear that if oil prices remain high, this upward trend will gradually spread to other commodities and services, implying that future inflation may no longer be a short-term disturbance but a widespread transmission pressure. The EU is also starting to prepare energy price and tax adjustment measures, with major economies passively responding to imported inflation. Coupled with a significant decline in OPEC production, supply contraction, and geopolitical risks, energy prices are unlikely to fall sharply in the short term.

Speaking of the crypto market, BTC's current position is indeed very delicate. According to the latest data, BTC is trading around $77.41K, down 1.17% in the past 24 hours. From a technical perspective, BTC has entered a zone where previous high supply areas intersect with liquidation clusters. The area around 75,000 has formed a clear resistance level, with 75,600 being a key liquidation trigger zone. Once triggered passively, the total liquidation scale could expand to over $600 million, which would temporarily boost liquidity. But this upward movement is more a structural squeeze rather than genuine capital inflow. The support at 73,400 needs continuous monitoring; if it breaks, the price could revert to a lower-liquidity zone for rebalancing.

Interestingly, Bitunix's analysis also points out an essential change in the current market. Looking at extreme pump cases like RAVE, it becomes clear that the main driver now is not fundamentals but liquidity compression under low circulation and high leverage structures. This phenomenon aligns perfectly with BTC's structure in high liquidation zones— the market is shifting from "funds driving trends" to "structural triggering of volatility." Any price extension now heavily depends on leverage and liquidation triggers rather than new capital inflows.

Overall, the market has entered a phase dominated by physical supply risks. Factors like energy, shipping, and geopolitics are no longer just background variables but are directly determining liquidity and asset pricing. In this framework, the volatility of BTC and the crypto market is essentially a reallocation of global capital amid uncertainty, rather than an independent market trend.