This year marks Gate's 13th anniversary. When I founded this platform, Bitcoin and blockchain were still far from mainstream. Today, Gate serves tens of millions of users worldwide. This journey would not have been possible without the trust of our users, partners, and team. On this occasion, I want to share some reflections on where we started, what we have learned, and how we see the road ahead.

Is it more crowded here, or more empty? Family members. #比特币反弹 In the past two weeks, the market has learned a phrase — until the last moment, anything is possible. 1. At the last moment, both Iran and Trump changed their minds: Iran decided at the last moment not to send a delegation to Pakistan, and the US-Iran negotiations failed. Vice President Pence’s plane waited on the tarmac for hours, delaying plans to negotiate with Iran in Pakistan. The White House will announce future meeting schedules separately. Delaying tactics are not uncommon, as every detail could become a bargaining chip, but this time, the variable appeared at the last moment. The Wall Street Journal quoted sources saying Pence might still depart later this week, but Trump is privately discussing the complete cancellation of this visit. 2. This news triggered a market decline: - The US stock market fell across the board, with the Dow down 0.59%, the S&P 500 down 0.63%, and the Nasdaq down 0.59%. - Gold prices briefly dropped below $4,700, giving back most of last week’s gains. - US Treasury bonds declined, with the 10-year yield approaching 4.30%. - The dollar and crude oil rose together, with US crude oil once again surpassing the $90 level. Subsequently, Trump announced an indefinite extension of the ceasefire agreement but will continue to block the Strait of Hormuz until Iran proposes a new plan, “both sides reached an agreement to end negotiations.” It now appears that Trump’s previous statement that he would not extend the ceasefire was meant to create “low expectations” in the market (to prevent hope), aiming to generate good news. Once the second round of talks fails, his “indefinite extension of the ceasefire” becomes relatively good news. Some analysts believe that a full blockade could cause Iran to lose nearly $300 million in export revenue daily and disrupt its imports necessary for maintaining the economy. If true, Iran might have an incentive to “escalate the situation” again. 3. Although the decline was not large, as we mentioned yesterday in the “Global Market Notes,” the most easily rising part has already ended. 4. The risk now is that Iran has regained the dominant narrative in the financial markets (“absence” can sometimes be more powerful than “presence”), keeping people guessing every minute. The impact of Trump’s remarks on the market weakened after he announced the extension of the ceasefire, with oil prices “responding” by falling, but not crashing, and opening slightly higher on Wednesday. Iran hopes for “rising oil prices while other markets fall,” while Trump’s stance is exactly the opposite. If you want to see our deeper insights into the global markets, subscribe to “Global Market Notes: Major Changes, 24-Hour Turmoil.” 1. Exclusive reveal: an important figure “predicts” the bottom time and level for crude oil. And, the true opening time of the Strait of Hormuz — that moment will be the real turning point for the financial markets (ushering in a sharp re-pricing). 2. The whole world is rallying, can we still “rush”? A report circulating on Wall Street provides a withdrawal point (sell when it reaches this level).

#BTC $BTC SHORT TRADE: EP: 75610 SL: 77093 TP: 73024