Has today's decline come to an end, and will it continue to decline tomorrow? The answer is placed at the beginning: The first stage of today's tariff response, whether it will continue to decline, depends on whether there will be a continuation of tariff escalation or countermeasures from Europe and the United States tonight to tomorrow, and whether the Supreme Court can respond quickly. If the news side does not continue to stimulate, it is possible to repair the shock. If Trump continues to stimulate the market, the probability of further decline tomorrow will not be low. Main text: This should be the issue most concerned by most of the small partners. First, we should clarify the reasons for the decline. There are two reasons for the decline of BTC. The biggest reason is Trump's tariffs on relevant countries in Greenland. The tariffs imposed by the United States triggered the reaction in the European region, and the United States intends to continue the reaction on top of the reaction in Europe. The last time these "morale wars" occurred was in April when the United States and China had a tariff war. And if it really happens this time, the situation may be even more serious than before with China, because compared to China, the US imports from Europe are more important, and Europe's export structure to the US is also closer to the consumer end. From automotive parts, luxury goods, pharmaceuticals and chemicals to high-end manufacturing, any sector that is subject to tax increases will be directly reflected in the US domestic inflation expectations. PS: According to US Census data, as of October 2025, the US imports approximately $266.3 billion from China and $537.9 billion from the European Union, with EU imports exceeding twice that of China. More importantly, Europe does not only have the card of equivalent tariffs in its hands. The countermeasures discussed in Europe even include stronger "toolboxes or anti coercive measures", which will push the matter from trade frictions to geopolitics, so the market's risk appetite is rapidly shrinking. The second reason is that the CLARITY bill, which cryptocurrency enthusiasts are looking forward to, has been suspended under the leadership of the CEO of Coinbase. The core controversy is that the draft tends to prohibit gains solely from holding stablecoin balances, which will suppress the growth space and commercialization path of stablecoins such as USDC in the US system. The market's original expectation was for the bill to be implemented as soon as possible, which would end the uncertainty of regulation. However, the result turned into a "key node delay+industry internal division", causing investors to spit out the valuation premium and revoke the expected positive leverage. So, my conclusion on whether today's decline has ended and whether it will continue to decline tomorrow is: Firstly, has the tariff news continued to escalate. Whether to expand the target, whether to advance the pace of raising the 10% tariff to 25% tariff, and whether there is a statement of further stimulating fluctuations such as "200% for French liquor". Once upgraded, there is a high probability of further decline tomorrow. Secondly, whether Europe's response is to avoid escalation or to take immediate countermeasures. There are indeed voices within Europe to avoid escalation as much as possible, and the market is also concerned about whether Europe will restart or launch a tariff countermeasure list for goods worth 93 billion euros. Of course, if Europe does not intervene in Greenland's issues, tariffs may end immediately, and the probability of market rebound will be very high. Thirdly, the attitude and pace of the US Supreme Court. The reason why this round of tariff is regarded as a geopolitical risk by the market is essentially that its legitimacy and boundary are not clear. Especially after Trump repeatedly uses tariff as a diplomatic weapon, whether the court will make more explicit restrictions on the extension of the President's tariff power will directly affect the market's expectations of this matter. If the Supreme Court can quickly release the signal of illegal tariffs, the market will quickly adjust and rebound. But if the Supreme Court delays in making a statement, or recognizes Trump's IEEPA tariffs, the market will probably default that tariffs can be long-term and normalized, which will have a greater impact on the risk market. Even at the transaction level, the 'Supreme Court' can be seen as a positive or negative switch. If there are any clear procedural milestones in the near future (whether to accept, expedite trials, or release restrictive language), even without a final judgment, it will have a marginal improvement in risk appetite. On the contrary, if silence continues or the White House continues to adopt a tougher stance, the market will tend to continue deleveraging and reducing risk appetite. So, my personal opinion is that we need to continue to closely monitor the news and attitudes of Europe and the United States towards tariffs. Once there is a further escalation, the market downturn may not have ended, and if either side softens or the US Supreme Court makes a clear statement, the market rebound may come faster. As for the CLARITY Act, the assistance it can provide now is very limited. If there is no intensification of contradictions, the possibility of the market maintaining volatility is still relatively high. PS2: Yes, you read it right. The conclusion is either a rise or a fall, or a sideways trend. You may scoff at it, but if you could understand it a little bit, I believe you wouldn't think so. There is no guarantee of what will happen in this world. Let me tell you, tomorrow's rise or fall is the least responsible. And what I do is to write down the factors that affect the market, so that they can be matched. PS3: Let AI write it and take a look. Furthermore, this once again reminds us of the correlation between Bitcoin and the US stock market, and that the actions of the US stock market will generally be reflected in BTC. And Bitcoin is basically an amplifier of US stock sentiment. @bitget VIP， Lower rates and more generous benefits