Bitcoin withstood the $6.3 billion North Korean hack without collapsing! But don't rush to celebrate; the real reckoning will come after the midterm elections. Why didn't the hackers dump the market? Because Binance itself bailed out $6.3 billion. The market's initial reaction was "operational incident," not "systemic collapse." But this is only the first layer of the picture. The real pressure lies deeper: First, liquidity is being drained. The hackers still have billions of dollars worth of BTC and ETH that cannot be frozen, escaping on the blockchain; after Binance resumed withdrawals, there was a net outflow of $3.64 billion. Market buying power is drying up. Second, Trump holds the biggest macroeconomic variable in his hands. If he orders the bombing of Iran, the Strait of Hormuz will be breached, and international oil prices will inevitably soar. High oil prices will directly trigger inflation expectations, stubbornly holding up US Treasury yields. This is extremely fatal from a financial logic perspective: persistently high US Treasury yields mean that global liquidity cannot ease. Without new capital inflows, Bitcoin, already bleeding, will face a true "liquidity strangulation." Therefore, the hackers only caused Bitcoin to bleed a little, which Binance helped to heal. The actions of Trump and Iran will determine whether the IV drip will be pulled directly. After the election, if war breaks out, high oil prices coupled with high interest rates will make Bitcoin's current support level unable to withstand the withdrawal of macro funds. Whether BTC can hold the 76K level depends on Trump. But if you look at the daily candlestick chart and trading volume below, the BTC price center of gravity is gradually shifting downwards. Although the price has temporarily held at the 0.382 Fibonacci retracement level, it will eventually break through 76K and head towards the 70K area. Let's wait and see!