#加密市场观察 Matrixport: This round of decline may be more of a tactical correction

Matrixport released a market research report stating that President Trump's latest round of tariff threats should be understood less as trade policy and more as a strategic move to create volatility to gain negotiation concessions. The market has gradually figured out this rhythm: news shocks initially trigger price re-pricing, and selling is amplified when liquidity tightens; once negotiation signals appear, prices tend to stabilize quickly, and trading returns to a relatively orderly state. The correlation between Bitcoin and global liquidity continues to strengthen, increasingly becoming the most sensitive pricing asset in this cycle, more like a high-beta proxy for global liquidity(high-beta proxy), rather than a traditional macro hedge tool. From current performance, this wave of volatility resembles a re-pricing at the trading level under external disturbances, and does not indicate a structural weakening of the fundamentals of crypto assets. On the contrary, the market repeatedly presents exploitable volatility windows, allowing disciplined investors to benefit from these opportunities. Meanwhile, other risk assets still maintain a certain resilience, and the market's marginal reaction to tough statements is also diminishing. Therefore, this round of decline may be more of a tactical correction; the implications for positions should not be interpreted solely from short-term news, but also from changes in pricing and liquidity structures. Implied volatility has not risen significantly, which also prompts reflection: is the weighting of Bitcoin as a "risk sentiment indicator" decreasing?