Every time Donald Trump sends out geopolitical signals, a pattern of reactions in the crypto market has become more evident. This time is no exception.

President Trump hinted at negotiations with Iran’s “new, more reasonable government,” while at the same time demanding the immediate reopening of the Strait of Hormuz and stating that he would not rule out attacks on energy infrastructure if the talks fall apart. How was this two-pronged message interpreted by the market? Bitcoin rose to $72,830, gaining 2.55% over 24 hours. Ethereum is up 2.98% to $2,240, Solana is up 3.62% to $85.10, and XRP is up 2.02% to $1.35.

Donald Trump’s remarks are complex. On one hand, they suggest ongoing discussions with a new regime and the possibility of a ceasefire; on the other hand, they explicitly spell out threats of destruction. For market participants, this uncertainty appears to have served as a buying catalyst.

Short liquidations accelerated this rally. In just the most recent hour, $9.32 million in shorts were forcibly liquidated, and over the past 24 hours, $340 million in liquidations occurred. It’s a rebound after $242.25 million was absorbed by a sharp overnight drop—so it looks less like a technical rebound and more like a move to avoid geopolitical risk.

The WLFI token of World Liberty Financial, a Trump-related project, instead fell by 12%, hitting a new all-time low. Lending strategies on the Dolomite platform have sparked controversy, and concerns about circulating risk have not been dispelled. The setup of borrowing stablecoins against WLFI as collateral to drain the pool is, as critics point out, highly vulnerable.

When looking at Trump’s geopolitical moves and the crypto market’s response, the market’s judgment on risk-off versus risk-on appears to be diverging across different segments. Mainstream assets are rising, while project-specific risks are being sold off. This two-layer structure is likely to continue for a while.