According to CoinMeta, in its macro thematic report on October 22, QCP Capital pointed out that negotiations over the Hormuz Strait have stalled, and the conflict between Saudi Arabia and Houthi forces has intensified. However, the physical flow of oil tankers is close to zero, although estimates suggest that 3.7 to 13 million barrels still pass through the strait daily. Strategic oil reserves decreased by 30.5% year-on-year to 283 million barrels. The credit market has shown divergence due to financing pressures related to AI; the CDS of CoreWeave reached 1,128 basis points, nearly three times that of Oracle (300 basis points), and the debt-to-income ratio reached 162%. KOSPI tumbled 14.5%, experiencing the largest single-day decline since October 2008. Samsung and SK Hyundai Electronics fell 17-24% due to financing concerns regarding AI. Buying interest in Bitcoin slowed to 267 units, while STRC repurchases of $193.1 million became more dominant.