Bitunix analysts: High interest rates and geopolitical risks coexist, the market has entered a phase of "slowing demand but no easing liquidity".

According to BlockBeats, on May 6th, global markets were still simultaneously digesting three main themes: economic slowdown, energy risks, and prolonged high interest rates. The Reserve Bank of Australia raised interest rates for the third consecutive time, reflecting its continued vigilance regarding sticky inflation. Even with signs of cooling global demand, uncertainties in the energy and supply chains are forcing policymakers to maintain a tight stance. The latest US data is beginning to show a gradual economic slowdown: service sector growth has slowed, and the trade deficit in March reached $60.3 billion. Market expectations for the Federal Reserve continue to lean towards a "delayed rate cut" rather than a renewed rate hike. This suggests that the real problem facing the market is not an immediate economic recession, but rather the possibility of high interest rates persisting for an extended period. Geopolitically, the US announced that its offensive military action against Iran "has ended," and Trump even announced the suspension of the "Freedom of the Strait" program in an attempt to reduce the risk of further escalation in the Strait of Hormuz. However, Iran continues to emphasize that the two sides are at war, and the UAE continues to issue missile threat alerts, meaning that risks to the energy supply chain and shipping have not truly been eliminated. In the crypto market, BTC recently approached $82,000 again, but the derivatives market structure did not strengthen accordingly—funding rates remained negative. This indicates that while prices remain high, overall market sentiment remains conservative, with short-term funds still hesitant to chase higher prices. It also reflects that the current market is more liquidity-driven than a return to full risk appetite.