BlockBeats News, April 17th. On April 17th, the market began to reprice the "form of war" rather than the "existence of war." The U.S. and Iran shifted from a comprehensive agreement to a temporary agreement framework, with an increase in ceasefire signals, seemingly reducing the tail risk of extreme supply disruption. This directly led to a decrease in USD safe-haven demand and a replenishment of risk assets. However, at the same time, the U.S. expanded its shipping and energy-related sanctions on Iran, including crude oil, refined oil products, and industrial metals, indicating that the substantive constraints on the supply side have not been lifted but have become more structural.This mismatch between "expected easing vs actual tightening" is distorting market pricing. The energy market has not seen substantial loosening, but the USD has weakened due to the restoration of risk appetite, creating a typical asset misalignment: safe-haven assets are pricing in an optimistic scenario ahead of time, while commodities are still priced under restricted supply. This is also why Wall Street is unanimously shifting towards a bearish view on the USD. The essence of this shift is not a deterioration of fundamentals but rather a rebalancing of funds from wartime allocation back to risk assets.Deeper changes are coming from policy and fund structures. The Federal Reserve is still maintaining a wait-and-see or even slightly hawkish tone internally, but the market's pricing for rate cuts throughout the year has been extremely compressed, indicating that rate expectations have not truly shifted towards accommodation. Meanwhile, the former Treasury Secretary's warning about U.S. bond demand risks, coupled with long-term rates remaining high, suggests that global funds' trust in "risk-free assets" is gradually eroding. This will further weaken the structural support for the USD, making it more susceptible to swings in risk sentiment.Turning back to the crypto market, BTC is currently in a typical liquidity redistribution phase. The price has tested the supply zone above $75,000 multiple times but has failed to hold above effectively. There continues to be high-density liquidation and trapped long positions around the $76,000 area. However, a clear liquidity support has formed in the $72,000 to $73,000 range, showing that funds have not exited but have instead transitioned to high-frequency reallocation within this range. Looking at the distribution of liquidation heat, the market is building a new point of control rather than extending a one-sided trend.Overall, the market has transitioned from being "event-driven" to being "structurally misaligned-driven." Short-term price fluctuations will depend more on how funds are redistributed between safe-haven assets, energy commodities, and risk assets, rather than a single macro event itself. The real key at the moment is not whether the conflict has ended but when the supply constraints and liquidity conditions will realign.