When the market begins to discuss're raising interest rates', BTC and oil prices are synchronously becoming core indicators of global risk sentiment According to BlockBeats, on May 21st, the market began to accept the reality that high interest rates may be extended or even raised again. The latest FOMC meeting minutes show that the consensus within the Federal Reserve to maintain a loose stance has rapidly loosened, and several officials have begun to believe that if inflation continues to exceed the target, policy tightening may not be ruled out. The market has also adjusted its expectations accordingly, and federal funds rate futures have begun to reflect the possibility of another interest rate hike before the end of the year. The core reason behind this is still the ongoing impact of the Middle East conflict on energy and global supply chains. Although Trump has stated that the US Iran negotiations are nearing the final stage, the divergence of positions between the US and Israel on whether to continue striking Iran is widening. Trump tends to end the conflict with an agreement, while Netanyahu still hopes to further weaken Iran's military and nuclear capabilities. The market is concerned that even if negotiations briefly advance, as long as the Strait of Hormuz cannot fully resume normal operations, oil prices and shipping risks will be difficult to truly cool down. At the same time, the US energy market itself has also begun to experience structural pressure. Due to the significant shift of refineries towards high profit aviation kerosene production, gasoline inventories in the United States are rapidly decreasing, and energy costs have gradually transmitted from the crude oil end to end consumers and financial markets. This is also one of the important reasons for the continuous rise in long-term US bond yields in recent times, indicating that the market is beginning to reprice the risk of the long-term coexistence of "high energy prices+high interest rates". In terms of the cryptocurrency market, BTC continues to fluctuate at high levels in the short term, but is currently clearly dominated by macro interest rates and risk sentiment. From the liquidation heat map, there is a significant amount of short liquidity around $78000 to $78300, and the market is still testing the pressure of short positions above; The range of $75400 to $75800 below is the main bullish clearing zone. At present, BTC is no longer just a cryptocurrency asset, but has gradually become a synchronous observation indicator of global liquidity and risk appetite. Once the situation in the Middle East or US bond yields spiral out of control again, market volatility may rapidly amplify.