According to CoinMeta, in its macro thematic report on October 8th, it was noted that the traffic through the Strait of Hormuz had dropped to 3 vessels (with an average of 26 vessels). Since May, there has been a 28% decline, and energy freight rates have soared, with crude oil freight costs from West Africa to China increasing by 319% year-on-year. The strengthening US dollar has pushed down the British pound, but the euro has limited its decline. Capital expenditures have been re-priced, with Oracle CDS reaching 247 basis points. Japanese yen leveraged funds have shifted to being net short, while asset management institutions have taken a long position, reducing arbitrage costs to 2.63 percentage points. Anthropic IPO has been postponed until mid-November. Strategy has slowed down, and BTC has prioritized STRC repurchases. Overall inflows into the crypto sector have cooled down, and the advancement of Clarity legislation has encountered obstacles, with geopolitical risk premiums testing the fragility of market liquidity.