ChainThink report: On March 25, the Middle East situation experienced multiple twists overnight and this morning. During U.S. stock market trading hours, news emerged that parts of the U.S. 82nd Airborne Division were about to be deployed to the Middle East region. This triggered a sharp deterioration in market sentiment, pushing WTI crude oil briefly above $93 per barrel, followed by a plunge in U.S. equities.

Subsequently, President Trump stated that the U.S. is engaged in negotiations with Iran, noting that Iran has "begun rational communication" and has agreed to "never possess nuclear weapons." Oil prices and U.S. Treasury yields retreated from their highs, while equities partially recovered lost ground. Nevertheless, all three major U.S. indices closed lower, with small-cap stocks outperforming large-caps.

After-hours, Trump continued to heighten expectations around "negotiations," claiming that U.S.-Iran talks "may already be quite close to reaching an agreement" and that Iran has agreed to never possess nuclear weapons. Reports indicated the U.S. intends to suspend hostilities for one month and has presented 15 negotiation proposals. This news caused WTI crude oil to plummet over 6% within one hour after market close, erasing nearly all of its intraday gains. The Nasdaq 100 futures index rose more than 1%.

Cryptocurrencies exhibited relatively narrow volatility. Bitcoin briefly dipped below $69,000 this morning before rebounding, currently trading at $70,634.74.