$BTC Langzi agrees to a ceasefire, but the war is not over. The most core change in the current market is the phased retreat of risk-aversion sentiment. The uncertainty premium driven by the previously tense Middle East situation is being digested quickly; this means that for the high-level, range-bound “big pancake” (BTC), short-term sentiment support will weaken, and the cost-effectiveness of chasing highs at elevated levels will further decline. However, it should be noted that this is only a ceasefire, not a final resolution. The chips/tokens in the Strait of Hormuz are still there, and the direction of subsequent negotiations still has variables; therefore, the market will not simply transition directly into a one-way optimistic outlook. Overall, geopolitical risk has shifted from “an explicit outbreak” to “an implicit contest.” The market will most likely continue in a pattern of choppy back-and-forth. In terms of trading, it should still focus mainly on short-term swings, with strict risk control.