Although the escalation of the Middle East situation has pushed up oil prices, the market's expectations for a dovish shift from the Federal Reserve have increased. JPMorgan has launched institutional-grade 'Proof of Deposit' on the BASE chain, marking a faster layout of traditional finance in the RWA field, boosting confidence in the crypto market.

Bitcoin investors are calm, with turnover decreasing rather than increasing, indicating that most holders are focused on medium to long-term positions.

Short-term volatility mainly comes from:

1. Oil price fluctuations caused by geopolitical issues

2. Expectations for the Federal Reserve's interest rate meeting on Thursday

3. Profit-taking by new short-term investors