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Trump's policy intensifies the disturbance of risk assets, while on-chain assets build a "dividend of denominator" against the trend.
Under the shadow of Trump's tariffs, traditional financial markets are experiencing a chain reaction, with U.S. stocks declining and safe-haven assets rotating, while the cryptocurrency market adjusts simultaneously. However, what is more noteworthy is that the valuation denominator of on-chain assets is improving: liquidity structure optimization, currency-based value re-evaluation, and an increase in on-chain position concentration.
This is a typical "bottom resonance brought by external disturbances" phase. From a macro perspective, crypto assets are not a risk at this moment, but rather a trend allocation window.
The risk turnover period is the position building period for smart money.
$BTC $TNSR $PYTH‘