According to BlockBeats, on August 25th, market expectations for a de-escalation of the US-Iran conflict rose, leading to a general rebound in global risk assets. The New York Times reported that the US is preparing to return previously evacuated diplomats to its embassies in the Middle East, leading the market to believe that Washington may not expect a full-blown conflict with Iran in the short term. Brent crude oil briefly fell below $90 per barrel, a daily drop of over 3%; WTI crude oil also fell by about 3%.

U.S. stock futures rose, with S&P 500 futures up 0.4% and Nasdaq 100 futures up 0.9%, led by the semiconductor sector. Nvidia rose about 0.9% pre-market, poised to end a seven-day losing streak; AI-related stocks such as Micron and Seagate also showed significant strength. The yield on the 10-year U.S. Treasury note fell about 3 basis points to 4.66%, with declining yields providing support for risk assets.

In the cryptocurrency market, BTC briefly broke through $80,000, the first time since mid-May, before the gains narrowed. The market believes that the renewed activity in the dollar depreciation trade and US Treasury Secretary Bessenter's recent intervention in the bond market, prompting some funds to seek alternative assets to the dollar, contributed to BTC's rise.

Meanwhile, billionaire investor Stanley Druckenmiller wrote an article in The Wall Street Journal criticizing Bessant's intervention in the bond market, saying, "Government attempts to decouple prices from fundamentals will ultimately fail."

The market continues to focus on Nvidia's earnings report, US PCE inflation data, and Federal Reserve Chairman Kevin Warsh's speech at the Jackson Hole conference this Friday. These events may further determine the direction of market and interest rate expectations in September.