According to BlockBeats, on July 6th, CNBC reported several significant developments in the Russia-Ukraine situation over the past 72 hours. US President Trump spoke separately with Russian President Putin and Ukrainian President Zelensky; Ukrainian drones attacked Russian oil depots and port facilities in St. Petersburg; and Russia subsequently launched its second large-scale airstrike on Kyiv within a week. Markets are once again focusing on geopolitical, energy security, and European defense risks.

Zelensky said he had discussed the situation on the front lines with Trump and agreed to continue consultations at the upcoming NATO summit, adding that "there is a real chance to end this war, and America's resolve is crucial."

The Kremlin stated that Trump and Putin spoke for approximately 90 minutes, discussing ending the Russia-Ukraine conflict and the prospects for future US-Russia cooperation. Kremlin aide Ushakov described the call as "pragmatic and constructive," noting that Trump emphasized the need to end the conflict as soon as possible to unlock the potential for cooperation between the two countries.

Meanwhile, Ukraine has recently intensified its attacks on Russian energy facilities and military targets. According to Ukraine, it attacked a large oil terminal in St. Petersburg and the Kronstadt naval base, home to the Russian Baltic Fleet, causing fires at the facilities. In response, Russia launched a large-scale missile and drone attack on Kyiv early Monday morning, killing at least 11 people and severely damaging several residential buildings.

An analysis by the Institute for War Studies (ISW), a US think tank, suggests that Russia is attempting to convey to the West the narrative that it still maintains the initiative on the battlefield, while the Trump administration has recently been more publicly mentioning Ukraine's progress in long-range strikes against Russian military and energy facilities, indicating that the public opinion battle between the two sides over the battlefield situation is still ongoing.

According to BlockBeats, on July 6th, global markets continued the trend of "cooling risk events and repricing liquidity." OPEC+ announced a production increase of 188,000 barrels per day in August, the US and Iran maintained room for negotiation, and shipping in the Strait of Hormuz continued to recover, further reducing energy supply risks. On the other hand, although the Russia-Ukraine conflict continues, market focus is gradually shifting to a new round of diplomatic negotiations that Trump may push for, and how the fiscal and monetary policies of various countries will affect global capital flows in the second half of the year.

At the macro level, more divergent signals emerged. The European Central Bank believes that the decline in oil prices has cooled inflation again, while Germany is preparing to expand its borrowing due to lower-than-expected fiscal revenue. Japan still faces pressure from a weak yen and interest rate differentials. Companies such as Micron, Samsung, and Infineon continue to increase their investments in AI and semiconductors, indicating that global capital is still concentrated in AI infrastructure rather than flowing back to high-risk assets.

In the crypto market, liquidity remains conservative. Cryptocurrency ETFs saw net outflows of approximately $275 million over the past week, reflecting that even with some easing of geopolitical risks, institutional funds have not actively replenished their positions. Currently, the market is more focused on whether global liquidity will improve again, rather than short-term events themselves; changes in ETF fund flows will remain an important indicator of market risk appetite.

Looking ahead, if oil prices remain low and geopolitical tensions do not escalate further, market focus will gradually shift back to global funding costs, national monetary policies, and the sustainability of AI capital expenditures. Before new funds enter the market, the crypto market is likely to remain range-bound, awaiting the next significant shift in fund flows.