CryptoQuant analyst: Global risk appetite temporarily approaching neutrality, combined with SpaceX IPO, driving market sentiment to ease On June 12th, CryptoQuant analyst Axel Adler Jr. stated on the X platform that the current Global Risk On/Off indicator is in a neutral state. Recently, there have been signs of a cooling off in the conflict situation, which may be related to statements from relevant leaders, while market expectations for SpaceX's IPO are also affecting investor sentiment. It is reported that about 372 oil tankers are still trapped in the Persian Gulf, carrying approximately 26 million tons of hydrocarbon resources on board. This situation may continue to affect global energy supply expectations and become an important variable in market risk sentiment. The current risk assets are still in a stage of multiple intertwined factors, including geopolitical developments, liquidity changes, and capital market events of large technology companies. Investors are waiting for clearer directional signals.