Matrixport: This round of decline may be more tactical in nature Odaily Planet Daily News: Matrixport has released a market research report stating that President Trump's latest round of tariff threats should be understood not as trade policies, but as a strategic means of creating volatility in exchange for negotiating concessions. The market has gradually figured out this rhythm: news shocks first trigger price repricing, and selling is amplified when liquidity tightens; Once negotiation signals appear, prices tend to stabilize quickly and transactions return to a relatively orderly state. The linkage between Bitcoin and global liquidity continues to strengthen, and it has gradually become the most sensitive pricing asset in this cycle, more like a high beta proxy indicator of global liquidity rather than a traditional macro hedging tool. From the current performance, this round of volatility seems more like a transaction level repricing under external disturbances, and does not point to a structural weakening of the fundamentals of cryptocurrency assets. On the contrary, the market repeatedly experiences captchable volatility windows, and disciplined investors can benefit from these opportunities. At the same time, other risk assets still maintain a certain level of resilience, and the marginal response of the market to tough statements is also blunting. Therefore, this round of decline may be more tactical in nature; The inspiration for positions should not only be interpreted from short-term news, but also from changes in pricing and liquidity structure. The implied volatility has not significantly increased, which makes people ponder whether the weight of Bitcoin as a "risk sentiment indicator" is decreasing?