Asian stock markets opened sharply lower, with the Korean index down over 7%, the Nikkei down over 3%, silver down over 6%, A-shares and Hong Kong stocks mainly declining, and U.S. stocks down over 1%, with the VIX rising over 5%. The external markets are hitting hard, and the sentiment brought by #伊朗局势升级 may just be beginning to recede. Global stock markets are all high valuation and high risk; watch out for risk transmission in the crypto market.