Matrixport: This Round of Decline May Be More of a Tactical Pullback

Odaily News Matrixport released a market research report stating that the latest round of tariff threats from President Trump should be understood less as a trade policy and more as a strategic tactic to leverage volatility for negotiation concessions. 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 relatively quickly, and trading returns to a relatively orderly state.

Bitcoin's correlation with global liquidity continues to strengthen, gradually becoming the most sensitive pricing asset in this cycle, resembling a high-beta proxy for global liquidity rather than a traditional macro hedge tool. Based on current performance, this round of volatility appears more like a trading-level repricing due to external disturbances, rather than indicating a structural weakening of crypto asset fundamentals. On the contrary, the market repeatedly presents windows of capturable volatility, allowing disciplined investors to benefit from these opportunities. Meanwhile, other risk assets maintain a certain degree of resilience, and the market's marginal reaction to strong statements is also becoming blunted. Therefore, this round of decline may be more of a tactical pullback; the implications for positioning should not be interpreted solely from short-term news factors but also by observing changes in pricing and liquidity structures. Implied volatility has not risen significantly, which also prompts consideration: Is the weight of Bitcoin as a "sentiment barometer" for risk decreasing?