The sharp rise in oil prices (Brent crude at around $110-116 with record monthly gains, WTI at over $100) continues to suppress global risk appetite due to geopolitical tensions (Middle East conflicts, Strait of Hormuz risk, and supply disruptions). In this environment, the crypto market is also operating in risk-off mode; inflation concerns, expectations of a potential Fed interest rate hike, and rising energy costs are directly impacting major coins like Bitcoin and Ethereum.

- Bitcoin (BTC): Recently retreated to the $67,000-$65,000 range (from over $74,000 in previous weeks). The oil shock led to the liquidation of approximately $300 million in long positions. Due to rising mining costs, BTC is now acting like an "energy-dependent" asset and is under increasing pressure to flee risky assets. - Ethereum (ETH): Currently trading in the $1,900-$2,000 range. In parallel with BTC, it is recording daily losses of around 2-4%; network activity and DeFi liquidity are negatively affected by macroeconomic uncertainty stemming from oil. - Altcoins in general: Major altcoins such as Solana, BNB, and XRP have also shown a 3-6% loss in value. The total crypto market capitalization is stuck below ~3 trillion USD; the decline in altcoins is sharper than in BTC due to liquidity tightening and risk aversion.
Short-term outlook: If oil remains above $100, inflationary pressure will increase, which means liquidity tightening for crypto. While "buy the dip" opportunities may arise in the short term, a lasting recovery may be limited unless geopolitical risks subside. For long-term investors, the "digital gold" narrative of BTC and ETH is still valid; however, taking cautious positions is critical until the energy shock passes.
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