The continuous net inflow for seven days was finally broken on Wednesday, possibly due to the interest rate meeting, or perhaps because of the escalation of the conflict in Iran. Nevertheless, traditional investors did not continue to buy but chose to sell instead. The investors from Fidelity, who tend to chase rising prices and cut losses, took the lead, while BlackRock's investors, although not selling much, also began to ponder. It is estimated that if there is no good news by tomorrow, they will continue to sell.

This should not be surprising. We have mentioned it multiple times; the current main narrative is the rise in oil prices caused by the geopolitical conflict between the U.S. and Iran. As long as the war is not over, the risk market will remain in a fluctuating trend. Keeping a close eye on oil prices is the only way to understand the current war dynamics. If the price of U.S. crude rises to $120, the market could be even more brutal.

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