Merkle3s Weekly Update 📊 3/4 1️⃣ Core Contradiction: Disorderly Volatility Under Geopolitical Shocks ➡️ The US strike on Iran triggered a typical rollercoaster ride for risk assets: "panic selling → rebound after event confirmation." ➡️ BTC initially plummeted, then quickly rebounded in a V-shape after the news was confirmed. ➡️ BTC still needs more time to oscillate within the bottom range, providing room for large funds to accumulate positions. 2️⃣ Fund Structure: Sentiment Shift, Not Trend Correction ➡️ The current rebound is more about position repair and short-term speculation than a genuine return of risk appetite. ➡️ Volatility remains highly dependent on sudden events, and the macroeconomic direction is still unclear. ➡️ The market is rapidly switching between "panic" and "relief," but lacks sustained buying power. 3️⃣ Crypto Internal Structure: AI Trading Narrative vs. BNB Cooling Down ➡️ The #Base ecosystem DX Terminal became a hit with its "AI Agent automated trading" narrative, and related tokens... $Poopcoin Pre-sale raised over 10,000 ETH ➡️ BNB sentiment continues to weaken; CZ's new book "Freedom of Money" failed to trigger the expected emotional surge in the community, and related concept coins quickly corrected. 4️⃣ Cycle Positioning ➡️ The current market is in a "high volatility + low certainty" oscillation phase, rather than a trend expansion phase. ➡️ Local narratives can still create explosive moments, but macroeconomic uncertainties limit sustained capital inflows. ➡️ True structural repair requires time, not a single event stimulus.