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 viewed less as trade policy and more as a strategy to create volatility in exchange for concessions in negotiations. The market has gradually grasped this rhythm: news shocks first trigger price repricing, and selling is amplified when liquidity tightens; once negotiation signals emerge, prices tend to stabilize quickly, and trading returns to a relatively orderly state. Bitcoin's correlation with global liquidity continues to strengthen, making it the most sensitive pricing asset in this cycle, more like a high-beta proxy of global liquidity than a traditional macro hedging tool. From the current performance, this round of volatility appears more like a repricing at the trading level under external disturbances, not indicating a structural weakening of the fundamentals of crypto assets. On the contrary, the market repeatedly presents identifiable volatility windows, which disciplined investors can leverage to benefit. Meanwhile, other risk assets remain relatively resilient, 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 position sizing should not be interpreted solely from short-term news, but rather from changes in pricing and liquidity structures. Implied volatility has not increased significantly, which raises the question: Is Bitcoin's weight as a "risk sentiment indicator" decreasing?