On April 2, geopolitical tensions escalated again, driving oil prices up by 10%. The stock market faced pressure, the dollar strengthened, and widespread risk aversion swept through the market, leading to a decline in cryptocurrencies. Funding rates turned significantly negative, while open interest increased, indicating that traders are actively shorting Bitcoin and Ethereum; the total liquidation amount across the network approached $400 million. Despite the price drop, implied volatility in the options market remained stable, showing that investors continue to buy downside protection rather than engaging in panic selling.