Suddenly, a circuit breaker! A plunge of over 2600 points! The Japanese and Korean stock markets have collapsed

This morning, the Japanese and Korean stock markets plummeted, triggering a circuit breaker in Korea, with U.S. stock futures following suit, and even gold facing sell-offs—this is not merely a flight to safety, but the market is panic-selling all risk assets. Iran has launched strikes against U.S. and Israeli targets, and Trump has threatened to attack Iranian power stations within 48 hours, while Iran retaliated with four punitive measures including a "full blockade of the Strait".

Key news to watch: whether the U.S. military will retaliate and whether there will be actual incidents of shipping disruptions in the Strait.

In the short term, liquidity is being squeezed, primarily affecting long positions.

Bitcoin is still treated as a risk asset. The Asia-Pacific market's crash has led institutions to withdraw liquidity, causing BTC to drop in tandem. The futures market faces a double kill for both bulls and bears, especially watchful of secondary sell pressure after U.S. stock market opens at midnight.

Iran's statement emphasizes that it is "currently not closed," distinguishing between "harmful passage" and "innocuous passage"—this is to allow non-U.S. vessels a passageway, avoiding triggering uncontrollable global oil price spikes. However, as long as the friction continues, the risk premium will not dissipate.

After the crash in the Japanese and Korean markets, if Asia-Pacific funds seek stablecoins as a hedge, the off-exchange USDT premium may rise, which is a short-term support signal for BTC.

#BTC trend analysis