As the US-Israel-Iran war enters a prolonged phase, the market is gradually becoming desensitized to related news. This type of news now mostly triggers short-term fluctuations and is unlikely to change mid-to-long-term trends anymore. The key mid-to-long-term developments to closely watch next are mainly these three: 1. Walsh will take office as the Federal Reserve Chair in May. The market currently holds a positive outlook on him, but the policies he will push after taking office still need close observation. 2. The 'Digital Asset Market Clarity Act' is expected to be signed soon, which is a clear long-term positive for the crypto industry. 3. The US midterm elections. Trump's position is unstable, as can already be seen from the recent performance of WLFI and TRUMP. The market seems to be preemptively abandoning ship. If this really happens later, the crypto industry might instead continue to suffer from the backlash of the Trump family's narrative.