Take this piece of news as an example: even former president Ahmadinejad was taken down years ago, which shows that the US and Israel are very eager to eliminate hardliners and support a pro-US regime. If successful, it would undoubtedly boost US morale and bring tangible benefits, so it’s bullish. However, if the main combat faction led by the Iranian Revolutionary Guard launches ballistic missiles at US forces, it would escalate the situation. Although it’s quite difficult for Iranian missiles to break through the air defense network of a US carrier strike group due to their precision, if they do hit and cause damage, it would hurt the image of the US military, weaken US hegemony, and shake the foundation of the dollar—so it’s bearish. Blocking the Strait of Hormuz would drive up oil prices, leading to global inflation. Rising shipping costs would eventually pass through to inflation as well. For those of us who monitor macro data daily, we naturally understand how much CPI/PCE impacts the market. So, blocking the strait would trigger panic and sell-offs in risk markets. In short, price movements have their own internal logic, especially during weekends when other markets are closed and only the crypto market is trading. In such cases, price movements are directly and quickly influenced by macro news.