On March 13, 2023, the situation in the Middle East escalated suddenly. Israel launched a preemptive strike against Iran, and the nation entered a state of emergency, with alarms piercing the night sky. As the world's attention focused on the outbreak of war, the cryptocurrency market also experienced significant turbulence. The price of Bitcoin briefly fell below $102,000, with a 24-hour drop of 5%; Ethereum plummeted even further, dropping below $2,500, with a 24-hour decline of 9%. According to Coinglass data, in just 12 hours, the total liquidation amount across the network reached $1.03 billion, with long positions liquidating $960 million and short positions liquidating $64.01 million. Market sentiment swayed amid the conflict, leaving investors on edge.