The cryptocurrency market is experiencing a period of weak sentiment as geopolitical tensions in the Middle East influence traditional safe-haven assets like gold and silver. Despite the upcoming release of U.S. CPI data at 9:30 PM, the implied volatility (IV) in the crypto market has significantly decreased compared to a week ago. This suggests that market participants believe macroeconomic data no longer heavily impacts the crypto sector. Earlier gains in skew from a rebound at the start of the month have dissipated, returning to holiday levels. The market's bullish sentiment remains fragile, with investors quick to retreat at the slightest sign of instability.