#地缘政治风险 The escalation of the Venezuela situation is indeed a geopolitical signal, but based on on-chain data, the market's actual response has been far below expectations. BTC briefly dipped below 90,000 on Saturday but quickly rebounded and stabilized, demonstrating resilience worth noting.

Key observations:

**Market liquidity**: Buying interest remains at high levels, indicating that institutional confidence in risk assets has not significantly wavered. Compared to historical geopolitical shocks, this rebound speed is relatively strong.

**Whale movements**: No signs of panic large-scale outflows. Major holders typically reduce positions or transfer assets quickly in response to such news, but currently, on-chain wallet activity shows no abnormal fluctuations.

**Real-world constraints**: Reuters' analysis hits the mark — direct economic impacts are limited, mainly affecting the energy sector. This suggests that risk assets lack fundamental pressure and are more driven by sentiment.

In conclusion, the geopolitical risk is priced relatively rationally by the market. There is no need for excessive pessimism in the short term, but continuous monitoring of OPEC movements and large fund flows is recommended, as changes in these signals will more quickly reflect the market's true sentiment.