CryptoQuant analyst Axel Adler Jr. reports a neutral stance in the Global Risk On/Off indicator, reflecting a temporary shift in global risk appetite. This change is influenced by easing geopolitical tensions and heightened anticipation for SpaceX's upcoming IPO. Meanwhile, approximately 372 oil tankers, carrying 26 million tons of hydrocarbons, remain stranded in the Persian Gulf, potentially impacting global energy supply and market risk sentiment. Investors are navigating a complex landscape shaped by geopolitical developments, liquidity shifts, and major tech company events, awaiting clearer market signals.