Binance Research published an article on its X platform stating that Brent crude oil prices around $110 have fully priced in the risk of a prolonged closure of the Strait of Hormuz. Despite ongoing geopolitical conflicts, various policies and market mechanisms have not yet fully taken effect, limiting further upside potential for oil prices; range-bound trading is likely to be the dominant theme in the near term. If oil prices maintain this range-bound trading, the narrative of "stagflation" relying on rising oil prices will weaken, potentially alleviating macroeconomic pressures on risk assets, including cryptocurrencies. As selling pressure bottoms out, the crypto market is expected to stabilize or rebound.