Recently, the global markets have been relatively calm. The escalation of geopolitical tensions combined with the uncertainty of Federal Reserve policies has led to a sharp decline in investors' risk appetite.

Let's first look at the performance of the spot market. Gold has been on an upward attack, breaking through the $4,600 level and hitting a new high. Silver has also surged aggressively, with a single-day increase of over 6%. Copper prices are not willing to be outdone, approaching historical highs. In terms of crude oil, Brent crude has pulled back after geopolitical risks eased and is currently hovering around $63. This wave of risk aversion has prompted a reallocation of large amounts of capital—driven by the surge of CTA strategies, index fund bottom-fishing, and even nearly $6 billion in rebalancing funds preparing to move.

The reaction in the crypto market is equally noteworthy. Under the impact of intense volatility in traditional finance, major cryptocurrencies like ETH, DOGE, and ZEC are under pressure. However, from a longer-term perspective, such black swan events often increase institutional investors' demand for hedging assets, and the role of cryptocurrencies as alternative investments may be reevaluated.

The core logic is clear: Geopolitical risk + policy uncertainty = a surge in risk aversion. In this environment, traditional safe-haven assets (gold, bonds) become more attractive, but we should also not overlook the trend that the crypto market is gradually becoming a risk management tool for some institutions. The market landscape is reshaping—are you ready to adjust your investment strategy?