Wu Shuo learned that Wintermute released a market report stating that the escalation of the Middle East situation has driven a sharp increase in oil prices, with Brent crude rising about 26% over the week. The market currently expects only one Federal Reserve rate cut in 2026. Against the backdrop of most assets declining, cryptocurrencies performed relatively well, with BTC up about 0.4% and ETH flat. Meanwhile, assets such as the S&P 500, NASDAQ, and gold all experienced declines. The report pointed out that the crypto market had previously undergone significant deleveraging, with current leverage around $60 billion, about half of the historical peak. This may be one of the reasons why cryptocurrencies have been relatively resilient during this market downturn.