Bitunix Analyst: Houthi Shipping Briefly Resumes, Market Truly Concerned About "Global Liquidity Shock Post Ceasefire Failure"

May 27: On the surface, markets are trading amid an apparent easing of Middle East tensions and a gradual resumption of shipping through the Strait of Hormuz, but lingering anxiety over war risks, energy supplies, and global liquidity remains unresolved. In the past 24 hours, roughly 4 million barrels of non-sanctioned crude oil have transited the Strait of Hormuz, signaling some energy transport is returning to something close to normal. Yet military friction between the U.S. and Iran near the strait persists, leaving the situation in a "tenuous ceasefire" phase. The core issue now isn’t just whether the war will end—even if a deal is reached, the fallout from Middle East risks on global energy, inflation, and interest rates could stretch on for months or longer. That’s why the market’s response to peace signals has grown increasingly tepid. Iran is demanding the unfreezing of $240 billion in overseas funds, while the U.S. insists on addressing high-enriched uranium and sanctions-related issues. The two sides remain far apart on core interests, leaving the market deeply skeptical of "genuine, comprehensive reconciliation." Meanwhile, though energy prices have fallen from their wartime highs recently, the market is increasingly accepting that even if the Strait of Hormuz fully reopens, energy supply chains and inflationary pressures won’t immediately bounce back to pre-war levels. Asset performance is reflecting this conflicting sentiment: U.S. tech and AI stocks continue to boost risk asset valuations, with Micron’s year-to-date gains topping 200%. On the flip side, worries around gold exports, bauxite regulation, and energy supply risks are resurfacing, pointing to intensifying global supply chain stress and resource competition. Right now, markets are trading along two main themes: "AI Capital Expenditure Expansion" and "Global Resource Reflation." As for the crypto market, checking the liquidation heatmap: Bitcoin (BTC) holds a large concentration of short liquidation liquidity between $78,000 and $78,200, with noticeable long liquidation zones around $75,500 and $74,800. Ethereum (ETH) has a heavy pool of short liquidation liquidity near $2,150, with a key short-term support zone around $2,050. This indicates the crypto market remains in a classic "news-driven + high-leverage game" structure, where any significant shift in Middle East tensions, interest rate expectations, or energy prices could quickly trigger a chain of liquidations. Overall, the biggest risk to global markets right now isn’t just the war itself—it’s that global assets are simultaneously facing a "high valuation, high interest rates, high geopolitical risk" scenario.