#地缘政治风险 Geopolitical risks directly impact market sentiment. After yesterday's Venezuela incident, the crypto market immediately retreated, and this rapid response indicates that the market's sensitivity to black swan events is increasing.

From on-chain data, the key is to observe the actions of whales during this period. Usually, such sudden risks trigger large-scale capital flows, especially risk avoidance at the institutional level. It is important to closely monitor large transfers of mainstream coins and the inflow of funds into exchanges—if there is a clear concentration of inflows into exchanges, it indicates selling pressure is forming; conversely, it may be a bottoming signal.

Geopolitical conflicts often cause short-term market volatility that eventually stabilizes, but the key is how the policy measures evolve this time. It is recommended to focus on recent changes in related contract positions and leverage in the derivatives market, as these can more intuitively reflect the market's true risk expectations.

There is no need to overreact, but it cannot be ignored either. Data speaks for itself.