The market is recalibrating around two completely different narratives. On one side, crypto regulation is seeing a historic breakthrough. Trump has agreed to the final ethical provisions of the Clarity Act, meaning the White House and Republicans have accepted the core demands proposed by Democrats. The bill is now just one step away from a Senate vote. If passed successfully, the U.S. will establish its first relatively comprehensive regulatory framework for crypto assets. Platforms like Coinbase and Robinhood, as well as the long-term institutionalization of $BTC and $ETH, will directly benefit. On the other side, Trump is once again wielding the tariff stick, imposing a 50% tariff on Canada, while tensions in the Middle East continue to escalate. Tariffs, geopolitical risks, and the upcoming earnings reports from tech giants are prompting the market to reassess inflation and liquidity expectations. If oil prices keep rising, the Fed may maintain its hawkish stance longer than the market anticipates. In the coming days, there are only three things truly worth watching: whether the Clarity Act can successfully proceed to a Senate vote, whether there’s a breakthrough in Trump’s tariff negotiations with Canada, and whether the Middle East situation escalates further. These three narratives ultimately converge on one key variable—global liquidity. Crypto legislation will determine the industry’s long-term potential, while tariffs and geopolitical risks will shape short-term market sentiment. But at the end of the day, liquidity remains the driving force behind all asset pricing.