Cooling Tensions in the Middle East and Shift in Market Focus As previously anticipated, with the 30/60-day overseas military operation cycle reaching its end without further escalation, the situation in the Middle East has naturally entered a phase of “unstable peace.” This implies that the primary market narrative will extend for another 1–2 quarters, and most asset classes will fall into broad range-bound fluctuations. At this stage, after a sustained rebound, crypto assets may present opportunities to sell at higher levels. Crypto assets, which had dominated market attention in recent years, reached their peak and began to decline after Trump’s second term in the White House. A major contributing factor was the “algorithmic” liquidation event in October last year. Following this event,

Since the crash last October, the weakness in crypto has not eased. With ETH breaking below 2,000 last week and BTC approaching the 60,000 level, the crypto complex has essentially been abandoned by the market. This also means its value as a leading indicator is no longer valid. After last week’s wide-range swings, precious metals are expected to enter a period of back-and-forth between bulls and bears.​ Using Bitcoin as the reference point, price broke below two key levels in a relatively short time: 100,000 and 80,000/75,000. The market’s rebound attempts have been feeble and did not even reach 100,000. Price has now fallen back to the lows from before Trump was elected; if this zone also breaks, there is basically open space below. This area also marks where many ETFs initially built po