#数字资产市场动态 ⚠️ Judicial ruling countdown: The final verdict on Trump's tariffs policy by the U.S. Supreme Court is expected tomorrow, with the market generally believing there is a 76% chance of being ruled illegal. But behind this "positive" news, there may be a hidden drain on liquidity.

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Once the ruling determines the tariffs are illegal, the U.S. Treasury Department will need to pay hundreds of billions of dollars in direct compensation. Coupled with chain reactions of losses across the industrial chain, the funding gap could exceed one trillion dollars. There are only two ways to plug this hole: either issue new national debt or tighten liquidity by draining funds from the market. Regardless of which, the outcome is the same—the global capital begins to withdraw.

The crypto market seems independent but is actually still dependent on traditional financial liquidity. During the 2018 balance sheet reduction cycle and the 2022 aggressive rate hike phase, each liquidity tightening directly impacted crypto prices. This time won't be an exception—the tariff issue itself isn't the main point; the "water-draining effect" is. Price fluctuations are often not driven by trade logic but by the waves splashed when funds turn around.

Next, keep an eye on U.S. Treasury yields and the US dollar index. They will be the first to give signals—whether funds are flowing in or out. In this market, whoever can read the macro situation thoroughly will not be swallowed by volatility. The most prudent approach right now is to stay patient and wait for the dust to settle before making any moves.