This week’s crypto market has entered a three-way tug-of-war pattern dominated by “geopolitics taking the lead, macro data disturbances, and regulatory-expectation catalysts.”

On Monday, the escalation of the Iran-U.S. conflict triggered panic in the market and caused a sharp plunge. On Tuesday, CPI data that came in weaker than expected led to a brief rebound, but persistent geopolitical risks continued to suppress risk appetite, with prices falling again in the second half of the week. ETF fund flows sent a positive signal—Bitcoin and Ethereum ETFs ended an eight-week streak of outflows, indicating that institutional interest is starting to pick up.

On the regulatory front, market attention is centered on the CLARITY Act nearing a vote, while emerging markets such as Nigeria are also accelerating the development of crypto regulatory frameworks. Overall, geopolitical uncertainty remains the biggest variable in the near term, while ETF fund flows and regulatory progress will be key factors influencing the medium-term trend. #ETH站稳1900美元