It seems the Russia-Ukraine conflict is truly coming to an end. The sharp decline in North Korean ammunition supplies to Russia in the latter half of last year indicates that North Korea's decades-long stockpile is being depleted, and the Russian military's ammunition supply is becoming increasingly strained. Putin must deplete his internal resources and, while still holding some territorial advantage, quickly end the war. He can no longer afford to let certain BTC continue to influence the market. This year, the biggest negative factor for gold is no longer the Federal Reserve, but the Russia-Ukraine ceasefire.