The U.S. Supreme Court is scheduled to make a ruling tomorrow (January 9) on the global tariff case, which could directly impact the short-term price movements of assets like Bitcoin and Ethereum.

What’s the story? The tariff policies implemented by the former president are now before the court. If the court dismisses these tariff measures, the U.S. Treasury Department will have to refund importers, with the amount potentially ranging from $133 billion to $140 billion. Once this money flows into the market, market liquidity will significantly increase, and the price volatility of crypto assets will also expand.

Although this is a policy-level issue, its impact on the crypto space is quite direct. Loose liquidity typically boosts the valuation of risk assets, with digital assets like Bitcoin and Ethereum feeling the effects most immediately. Conversely, if the court upholds the tariff policies, market risk sentiment may cool down, and funds might flow into more stable assets.

From on-chain data, we can also sense a shift in sentiment. Indicators such as exchange inflow volumes and whale holdings are flashing warning signals. The outcome of tomorrow’s Supreme Court decision, combined with recent on-chain capital movements, suggests that the collision of these two forces could be the turning point for short-term price direction.

Therefore, the key is to keep a close eye on these two things: first, tomorrow’s court ruling; second, the on-chain liquidity data from exchanges. Any change in either could trigger a short-term market move.