The fact that the IEEPA tariff was found illegal basically means that the most core tariff weaponization path of Trump's second term of office has been significantly weakened. Although Section 122 is still being used as a transitional measure, the 15% substitute tariff has significantly decreased compared to IEEPA, especially in regions such as China, Japan, South Korea, and Taiwan where the actual tax burden has fallen more noticeably. Moreover, Section 122 only has a 150 day statute of limitations and requires congressional approval upon expiration. With clear opposition from the Democratic Party, the probability of maintaining tariffs in mid to late July is not low. This is beneficial for the risk market. The market is most afraid of uncertainty, and Trump itself is the biggest source of policy uncertainty. After the IEEPA pathway is denied by the Supreme Court, even if the White House continues to seek alternative tariff tools, its influence is likely to be weaker than IEEPA. The pricing logic of the market for tariffs will also gradually return from Trump's words to the framework of legal constraints+bipartisan games. On the Bitcoin side, short-term fluctuations are still ongoing, but there are signs of marginal easing in panic selling. Spot ETFs are still flowing out, but the scale of outflows has significantly decreased in the past month, indicating that the exit of panic funds may be nearing its end. At the same time, BTC has approached the mining machine price range, and the cost-effectiveness of buying coins relative to mining is increasing. Originally, it was expected that miners would continue to withdraw and difficulty would decrease near the shutdown price, but this week the mining difficulty has rebounded significantly, indicating that miners still have a strong willingness to participate in the current price. The reasons may include a decrease in mining machine prices and lower shutdown prices for the latest pure electric models, but regardless of the reasons, the increase in difficulty itself indicates that miners have not clearly surrendered. In terms of on chain data, long-term holders of NUPL are still in an anxiety zone, indicating that market sentiment is indeed cautious and investors are concerned about further decline. However, based on the net position of BTC on the exchange and the inflow data, the selling pressure is continuously decreasing, and both traditional investors and native players are weakening their willingness to sell at the current position. More importantly, although BTC fell from $90000 to $65000 within a month, there was no significant collapse in multiple key support zones, and high cost holders did not experience large-scale panic and exit. This is not common in historical bear markets, indicating that more and more chips are being transferred to long-term holders, and low prices may not necessarily force out long-term holders' chips. In addition, data on the flow of BTC held for over a year shows that long-term holders' positions have increased instead of decreased after hitting bottom in December 2025, further indicating that the price decline has actually increased the holding willingness of some investors. The problem is that although the selling pressure has decreased, the purchasing power has not rebounded synchronously. The net traffic of the exchange shows that while selling is weakening, buying is also weakening, which means that funds have not clearly flowed back into the cryptocurrency market, and most funds are not in a hurry to buy at the bottom. So at this stage, BTC seems more like it's' not moving down 'rather than' immediately rebounding strongly '. Overall, the biggest uncertainty factor in the market has significantly weakened, and the subsequent fluctuations and inflationary pressures caused by tariffs may decrease. The policy constraints of the Federal Reserve will also be relatively reduced. The market in the second half of the year is still worth looking forward to, with a focus on three variables: the path of the Federal Reserve, the pace of subsequent tariff implementation, and changes in expectations for the midterm elections. If these three lines work together properly, both risk assets and Bitcoin are expected to experience a more decent rebound. My personal opinion is that BTC around $60000 is a strong support zone, which is unlikely to be easily broken unless there is a more "stimulating" bearish trend. The focus of this zone is the significant decrease in selling, but the weak upward momentum is still due to insufficient liquidity and lack of purchasing power. It is expected that the short-term volatility will continue to prevail. @bitget VIP， Lower rates and more generous benefits