Bitcoin held above the $70,000 mark despite crude oil prices surging over 10% on Thursday, nearing $100 a barrel. US President Trump stated he was more concerned with preventing Iranian actions than with oil prices; meanwhile, Iran's new Supreme Leader made his first public statement declaring the Strait of Hormuz should remain closed. Market anxieties intensified, leading to a sharp stock market decline: the Nasdaq fell 1.6%, and the S&P 500 dropped 1.2%. Morgan Stanley's $800 million Northport Private Equity Income Fund suspended redemptions, causing its share price to fall 4%, with the financial sector generally under pressure. JPMorgan Chase, Citigroup, and Wells Fargo fell by about 3%, while private equity firms KKR and Ares Management fell 3%-4%. James Butterfill, Head of Research at CoinShares, pointed out that oil prices and the underlying geopolitical crisis have become major drivers of global asset pricing, and the market's sensitivity to expectations of Federal Reserve interest rate hikes has decreased. Despite increased market volatility, Bitcoin has shown resilience, reflecting that institutional investors' demand for Bitcoin has moved beyond mere price speculation, focusing more on the infrastructure and applications that can unlock Bitcoin's financial utility. Bitcoin's resilience amidst multiple risks indicates that large investors are seeking a more robust Bitcoin financial ecosystem. (CoinDesk)