Wintermute analysis indicates that the weekend airstrikes on Iran by the US and Israel triggered a sell-off in risk assets. Bitcoin dropped to a low of $63,000 before rebounding to around $67,000, while Ethereum touched a low of $1,910. ETF saw over $1 billion in net inflows last week, ending five weeks of outflows; institutional OTC trading activity remains subdued. The market has already priced in geopolitical risks. If the conflict remains controlled, prices may repeat the June 2022 pattern (a brief dip followed by a rebound); however, if the Strait of Hormuz remains closed, high energy prices will push up inflation, delay Fed rate cuts, and put pressure on risk assets and cryptocurrencies.