🔔 Bitunix Analyst: Energy Channel博弈 escalates to Supply Chain Restructuring, Physical Risk Dominates Asset Pricing Martian Finance reports: On April 14, the market’s core tension evolved from单纯 energy price increases to a博弈 over energy transportation rights and supply availability. As the U.S. pressures Iranian ports and the Hormuz Strait, while Saudi Arabia warns of potential retaliatory blockades in the Red Sea, market concerns over global energy supply chain stability have intensified. This is not only reflected in rising oil prices but, more critically, in a shift in pricing logic—WTI has rarely traded at a premium to Brent, signaling that capital has shifted from the “global benchmark” toward “physical deliverability,” transforming energy from a commodity into a strategic asset. From policy and market responses, this structural shift reinforces the persistence of inflationary risks. Federal Reserve officials have explicitly stated that if oil prices remain elevated, price pressures will gradually spread to other sectors, indicating that future inflation will no longer be a transient disturbance but may become broadly transmitted. Meanwhile, the EU is preparing measures to adjust energy prices and taxation, demonstrating that major economies are beginning to react passively to imported inflation. Coupled with OPEC’s significant production cuts, the combination of supply-side contraction and geopolitical risk makes it difficult for energy prices to decline rapidly, further constraining global policy space. Returning to the crypto market, BTC has now entered a zone where previous high supply areas intersect with dense liquidation zones, fundamentally reflecting speculative capital absorption amid macroeconomic uncertainty. A clear resistance level forms near $75,000, with $75,600 serving as the critical liquidation trigger zone; if passively triggered, cumulative liquidations could exceed $600 million, creating short-term liquidity-driven upward pressure. However, under overall constrained liquidity conditions, such rallies are more indicative of structural compression than genuine trend-driven capital inflows. Below, $73,400 must be monitored for sustained demand; if support is lost, prices may revert to lower-liquidity zones for rebalancing. Meanwhile, extreme rallies like RAVE demonstrate that current market drivers are not fundamentals but liquidity squeezes stemming from low float and high leverage structures. This phenomenon mirrors the structural dynamics of BTC near its high liquidation zone—the market is transitioning from “capital-driven trends” to “structure-triggered volatility,” where any price extension depends heavily on leverage and liquidations rather than new capital inflows. Overall, the market has entered a phase dominated by physical supply risks. Energy, shipping, and geopolitics are no longer mere background factors but direct determinants of liquidity and asset pricing. Within this framework, BTC and crypto market volatility are essentially the result of global capital reallocation under uncertainty—not isolated market movements. https://t.co/8oLS1WgWmj