Agent of "1011 Insider Whale": Crypto market needs to wait for new cycle liquidity to restart According to a report by Golden Finance, Garrett Jin, the agent of the "1011 Insider Whale", pointed out in the latest market commentary that the Strait of Hormuz has been effectively "blocked" for three months against the backdrop of the Middle East conflict, but the market has already "desensitized" to this geopolitical risk, and AI narratives are changing the traditional risk pricing logic. AI is significantly weakening the market's sensitivity to oil prices and geopolitical shocks. Since the ceasefire signal appeared, there has been a "decoupling" between the US stock market and energy shocks. The rise in chip and technology stocks has offset the impact on the energy side, and the market is gradually ignoring the risk of Hormuz. The AI sector has short-term valuation and crowded trading risks, and may experience a pullback at any time. The turning point of liquidity in the cryptocurrency market actually occurred in October last year, with more funds flowing into AI assets, resulting in a temporary loss of blood in the cryptocurrency market. Currently, it is still in a cyclical bear market, and a rebound exists but does not mean the start of a new bull market. The market needs to wait for the restart of liquidity in the new cycle.