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

Bitcoin investors remain calm, with turnover declining rather than increasing, indicating that most holders are focusing on medium to long-term layouts.

Short-term fluctuations mainly come from:

1. Oil price fluctuations triggered by geopolitical events

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

3. Profit-taking by new short-term investors