Recently, a bunch of scattered news stories seem unrelated at first glance, but when pieced together, they tell one story: uncertainty is continuously accumulating.

From a judicial perspective, after the Epstein case's 5.2 million pages of documents were disclosed, the Department of Justice stated that they couldn't finish reviewing them in the short term. The more information there is, the slower transparency becomes—this experience gradually erodes people's confidence in the system itself. Meanwhile, immigration policies simultaneously encourage voluntary departure and crack down on individuals with criminal records. This back-and-forth operation indicates that deep societal contradictions remain unresolved; they are only superficial gestures.

The financial sector isn't doing much better. Internal disagreements within the Federal Reserve over interest rate outlooks are widening. On one side, the central bank's policy signals are becoming ambiguous; on the other, corporate compliance risks are rising—Disney being fined $10 million over privacy issues is an example. This means liquidity rhythms are becoming increasingly unpredictable.

Looking at the social level, frequent incidents like Kentucky freight train derailments and hazardous material fires are occurring. More importantly, economic polarization is intensifying—wealthy individuals continue to spend, while ordinary people are becoming more cautious. The pressure is shifting toward middle- and low-income groups, and ultimately, this pressure will translate into a demand for asset hedging.

On the international relations front, there are no signs of easing sanctions, conflicts, or confrontations; geopolitical risks continue to pose threats to global markets.

The key point is this—when political, financial, social, and international signals all show risk signs simultaneously, markets will inevitably start seeking "outside-the-system" alternatives. This is the real logic behind the frequent re-pricing of crypto assets.

The takeaway for the crypto market is straightforward: policy disagreements and social divisions will naturally increase demand for decentralized assets. Bitcoin's "non-sovereign attribute" becomes more recognizable in such an environment, and the demand for hedging won't disappear—it's just taking on a new form. But on the other hand, the uncertainty within the Federal Reserve will lead to more chaotic liquidity rhythms, and market volatility could become more intense; if geopolitical tensions escalate, the short-term "cash is king" mentality might suppress risk assets.

In short: when a system's risks start to explode across multiple threads, markets will always seek new pricing anchors. The story of crypto assets over the past few years is essentially a repeated performance against this backdrop. Do you think this uncertainty will ultimately attract more incremental capital into this space?