The market has been quite interesting lately. On one side, Bitcoin remains steady above $73,000 despite various risks, while on the other side, the stock market is being squeezed by multiple factors.

Let's start with the most tense issue right now—Middle East tensions. Oil prices have surged over 10% in the past two days, approaching $100 a barrel, mainly due to concerns over the Strait of Hormuz. This critical oil shipping route has become the focus, directly causing the entire stock market to collapse. Today, the Nasdaq fell 1.6%, the S&P 500 dropped 1.2%, and the financial sector was hit hard, with Morgan Stanley leading the decline at 4%. JPMorgan Chase, Citigroup, and Wells Fargo also fell nearly 3%.

But that's not all. The issues with private credit have been quietly brewing. Morgan Stanley recently restricted redemptions from its $8 billion Northport Private Equity Fund, sparking concerns about the entire private equity sector. Shares of KKR, Apollo Global Management, and Ares Management declined by 3% to 4%. In plain terms, investors now have to worry not only about stock market declines but also about the hidden risks in private credit.

Interestingly, in such a chaotic environment, Bitcoin has appeared relatively resilient. Although gold fell 0.6%, Bitcoin remains steady above $73,000. According to CoinShares, the dominant factors influencing global asset prices have shifted from the labor market to oil and the underlying geopolitical crises. In other words, rising energy costs expectations have become the main driver of the market, which also explains why the stock market reacted relatively calmly to weaker-than-expected non-farm payroll data—investors' attention has been diverted by the Middle East conflict.

From the perspective of institutional investors, they are increasingly interested not just in simple Bitcoin exposure but in infrastructure that can unlock Bitcoin's financial utility. This means financial applications based on Bitcoin are gaining more attention, allowing users to spend, save, and even earn yields on the Bitcoin network.

Another point worth noting is the WLFI token from World Liberty Financial. This Trump-related crypto project recently faced controversy over its lending strategy on the Dolomite platform, causing the token price to drop 12.8%, hitting a new low since its launch in 2025. They used their governance token as collateral to borrow stablecoins, paid off the Dolomite USD1 liquidity pool, claiming it was to generate returns for other borrowers. Critics pointed out that this practice deepened cycle risks, as a decline in WLFI's price would weaken borrowing capacity, further restricting withdrawals for Dolomite depositors.

Overall, the current market looks like this—stock prices continue to fall under the dual pressures of geopolitical tensions and credit concerns, while Bitcoin shows relative resilience amid the chaos. This may indicate that institutional funds are rebalancing risk assets, and attitudes toward cryptocurrencies are quietly changing.