According to CoinMeta, QCP Macro points out that geopolitical tensions have led to a surge in energy transportation costs, with the price of crude oil transported from West Africa to China rising to $27.22 per barrel, higher than the average level of $7.37 per barrel since the beginning of the year. In the crypto market, Anthropic IPO has been postponed until mid-November, with market valuations expected to be around $2 trillion. Strategy has slowed down, and there is a preference for BTC buying and STRC crypto repurchases. ETF capital flows have cooled down, and Clarity Act in the United States has stagnated. The market is facing pressure from geopolitical premiums rising, which is causing adjustments to positions.