The market is experiencing a phase of surface calm and internal contraction, according to a Bitunix analyst. Recent geopolitical developments, including a shift from a comprehensive U.S.-Iran agreement to a temporary framework, have superficially reduced extreme supply disruption risks, leading to a decline in dollar safe-haven demand and a rebound in risk assets. However, U.S. sanctions on Iran's shipping and energy sectors have intensified, indicating persistent supply constraints. This mismatch between expected easing and physical contraction is distorting market pricing. While the dollar weakens due to improved risk appetite, commodities reflect ongoing supply constraints. Wall Street's bearish stance on the dollar stems from capital reallocation away from wartime allocations. In the crypto market, Bitcoin is in a liquidity reallocation phase, with prices testing the $75,000 supply zone but forming a liquidity floor between $72,000 and $73,000. The market is transitioning from event-driven to structural misalignment-driven, with short-term movements hinging on capital reallocation rather than macro events.