The escalation of the Middle East situation has driven up volatility in the crypto market. BTC/ETH experienced short-term fluctuations following gold's strength, with a surge in high-leverage contract liquidations. The confrontation between the US and Iran has intensified concerns over energy inflation and US dollar liquidity. If the conflict expands to cut off oil supplies, high-risk assets like cryptocurrencies will come under pressure. Iran's on-chain withdrawal volume has increased locally, highlighting BTC's demand for hedging against local currency devaluation. Capital in the Middle East is accelerating compliance strategies, with stricter regulations in places like the UAE (such as Dubai banning privacy coins), impacting the regional crypto ecosystem. Key focus areas include energy supply, Federal Reserve policies, and liquidity changes.