The relief rally is over. The US-Iran deal narrative collapsed into renewed military strikes near Hormuz, and markets immediately shifted into full risk-off mode. BTC lost the $75K level and dropped to two-week lows while Brent crude surged toward $112. The “permanent peace” scenario that markets had priced at 91% probability disappeared within days. Macro pressure keeps building. The Fed held rates steady but maintained a hawkish stance. Gold pushed above $5,500 as capital rushed toward traditional fear hedges. Meanwhile, crypto ETFs saw $2.7B in outflows over the past two weeks, including a reported $1.3B IBIT dark pool sell order. Institutional demand isn’t gone — it’s rotating. BTC is now testing the critical $74K–75K support zone, with a heavy cluster of long liquidations sitting in the low-$70Ks that could accelerate downside if support fails. ETH continues holding near $2,100 despite bullish supply dynamics highlighted by Vitalik. SOL, XRP, and BNB remain relatively defensive but are struggling to break higher. The rotation is becoming clearer: Capital is flowing out of BTC and ETH products and moving into HYPE, XRP, and SOL-related exposure instead. HYPE continues showing strength on revenue performance, XRP looks tightly coiled, and Solana ETF speculation keeps building momentum. Fear-zone assets are outperforming. Gold-backed tokens like XAUT and PAXG are seeing strong bids. Privacy coins are exploding higher, with ZEC leading the sector near $596. Oil-linked exposure is also gaining traction through CL and BZ perpetuals on OKX. Right now, cash and hedges are leading the market. USDT, USDC, and USDG are absorbing safety flows as traders reposition ahead of the next major catalyst. This still doesn’t look like full capitulation. It looks more like strategic repositioning. Survive first. Position second. Not financial advice. DYOR. #ICEBacksOKXOilPerps #CoinMoveAlert #HYPEETFHits100M