Israel's strike on Iran continues to add instability to this already tense world. Gold is rising, while Bitcoin is falling. After the last DeFi narrative cycle, the performance and narrative of cryptocurrencies in this cycle can be characterized as a 'shift from decentralized narrative to dollar asset narrative.' Given this, the crypto market has essentially become an extension of the U.S. stock market, or even just a subordinate tool. So, Trump's strategy is undoubtedly 'America First,' or even 'Trump First,' rather than 'Crypto First.' Crypto First has always been our wishful thinking. Adapting to this rhythm and mindset shift is something we must face in the upcoming cycle.