The overnight market continues to be driven by macro factors.

After the escalation of the U.S.-Iran conflict and rising concerns about Hormuz shipping, Brent crude oil has moved back above $90. U.S. Treasury yields rose in tandem, and risk assets generally came under pressure. $BTC fell back to around $77,000; long liquidations were clearly amplified, and altcoins overall were weaker.

This looks more like a simultaneous exit by both defensive and leveraged positioning, not a sudden collapse in fundamentals. For the short term, first watch oil prices and Middle East news, and then see whether prices can hold their ground.

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