Bitunix Analyst: Geopolitical tensions rising combined with tech stock revaluation, the market is still in the late stage of deleveraging, with safe-haven assets dominating risk pricing

BlockBeats News, February 5 — Bitunix analysts stated that the overall market remains in a state of incomplete deleveraging. Since last year’s peak, the cryptocurrency market has generally retraced nearly 50%, indicating that excessive risk premiums from earlier periods have been systematically squeezed out. The market’s sensitivity to liquidity and uncertainty remains relatively high.

On the macro front, tensions in the Middle East have escalated again. The US-Iran nuclear negotiations have resumed in Oman under the mediation of multiple countries, but Trump’s tough warnings to Iran and disagreements over the negotiation framework remain evident, making it difficult for geopolitical risks to substantially subside. Related news continues to disturb the trends of crude oil and safe-haven assets, indirectly suppressing global risk appetite. Meanwhile, the “revaluation-driven decline” in tech stocks triggered by the AI industry is spreading synchronously across US stocks and other markets, with a simultaneous decline in stocks and bonds amplifying the defensive mindset of investors, further driving funds away from high-volatility assets.

In the precious metals sector, Goldman Sachs emphasizes that the core driver of gold price appreciation comes from Western capital and central bank reserve diversification, rather than short-term speculation. This highlights that, amid uncertainties in the monetary system and geopolitics, safe-haven allocations remain one of the mainstream narratives.

In this environment, BTC is more often seen as an indicator of whether the market is willing to re-engage with risk. As global funds favor defense and structural deleveraging has not yet concluded, the crypto market still finds it difficult to detach from macro risk pricing. The key points to watch moving forward are whether geopolitical tensions escalate into actual conflict and whether the tech industry revaluation triggers a broader balance sheet contraction effect.