Why did it fall? Because three heavy hammers fell simultaneously, the bulls had no power to fight back The first blow: Trump's social media call for overnight escalation of the situation in the Middle East. The most direct trigger for today's sharp decline was Trump's post on Truth Social stating that "if peace talks continue to be deadlocked, military action will be taken against Iran". This statement appeared over the weekend and directly triggered a safe haven trend after the opening of the Asian market. The tense situation in the Strait of Hormuz has been ongoing for weeks, with brief skirmishes between US destroyers and Iranian armed forces previously occurring. According to comprehensive reports from CCTV News and other media, the Pentagon is preparing to resume military operations against Iran, and the United States and Israel may resume military strikes as early as next week. An Iranian parliamentary official recently revealed that Iran is prepared to only open shipping routes and charge fees to "cooperating countries" in the Strait of Hormuz. This strait carries about one-third of the world's crude oil shipping, and the threat to international trade is self-evident. The direct consequence of the disruption of the oil and gas supply chain is a comprehensive increase in global inflation expectations, which has led to a continuous rise in international oil prices. Brent crude oil has reached a high of $108. The second blow: The 30-year US Treasury yield has exceeded 5.1%, causing a collective panic in the financial market. Under the synchronous effect of rising geopolitical risks, US bond yields have surged significantly. Previously, when the yield of 30-year US treasury bond exceeded 5% in history, almost without exception, it would trigger the "de risking" market in the global financial market. Investors would sell off risky assets such as stocks and cryptocurrencies and turn to traditional safe haven assets such as gold and the US dollar. The situation today is exactly like this, with the 30-year US Treasury yield climbing above 5.1%, directly suppressing the valuation of all risky assets. Gold fell below $4500, triggering circuit breakers in the South Korean stock market and causing a collective decline in US stock futures. This is not an independent collapse of the cryptocurrency market, but a chain reaction of global risk assets being simultaneously sold off.