Currently, the Middle East crisis remains the biggest source of uncertainty affecting global capital markets. However, the market has already largely digested the worst-case scenario and tail risks, and there is a high likelihood of a sentiment reversal if signs of easing emerge.

The market is in a structural transition phase of "retail investors clearing out, institutions taking over." In the short term, upward breakthroughs lack catalysts, but the downside is also limited due to continuous accumulation by institutions.

In the medium to long term, the institutionalization trend will drive the market from "capital games" to "value support," gradually moving toward maturity and stability. $BTC