ChainCatcher reports that, according to a market analysis released by Wintermute, the military strikes by the United States and Israel on Iran have triggered risk aversion in the market. Bitcoin prices temporarily fell to $63,000 before rebounding to around $67,000. The military operation codenamed "Epic Fury" began last Saturday evening targeting Iranian military facilities, reportedly resulting in the deaths of Iran's top leaders and senior officials. The conflict has lasted three days, with the Strait of Hormuz effectively closed and airspace over the Gulf region shut down. The situation is escalating rather than easing. Macro pressures are increasing: oil prices surged 9%, briefly surpassing $80; analysts have raised Brent crude oil forecasts to $100; gold prices approached $5,400, adding about $1 trillion in market value within hours; stock markets opened sharply lower, with the Dow Jones Industrial Average dropping over 500 points at one point; the VIX fear index reached its highest level since 2026. In the crypto market, despite over $1 billion in ETF inflows last week ending five weeks of outflows, there has still been a net outflow of approximately $4.5 billion since the beginning of the year, and institutional OTC trading activity remains notably subdued. The volatility indicator DVOL soared from the 30-40 range to about 55, with options market expecting daily volatility of 2.5-3%. Wintermute's analysis suggests that if the conflict persists and energy prices remain high, it could keep inflation elevated and delay Federal Reserve rate cuts, thereby exerting broader pressure on risk assets such as cryptocurrencies.