It's a bit late today, so the operation is just a little late. I think we all know what happened today. Trump, who said he would not suspend tariffs, will renege on his promise one day later. Except that China's tariffs have been raised to 125%, the equivalent tariffs of other countries have been suspended for 90 days. During this period, only 10% of the basic tariffs have taken effect, which has been a good driving force for the market. Even some institutions have lowered the probability of economic recession in the United States. Of course, the basic tariff of 10% is four times higher than the average tariff of 2.5% in the United States in 2024, not to mention the 25% tariff on imported cars and parts that is also being implemented. The impact on US inflation may still be significant, as the main components of current inflation in the United States are rent, used cars, and the service industry. The rise in imported cars and parts is likely to boost the price of used cars, thereby increasing inflation. At present, due to inventory, the CPI and PCE data in May cannot fully represent the implementation of tariffs, which should be gradually revealed in June. The market will also be concerned about how Trump will define equivalent tariffs 90 days later. Of course, the Federal Reserve will also be very concerned. Although many small partners think that Trump is unreliable, in fact, the risk market does take this approach. The NASDAQ and S&P have directly recovered their losses in the last three days, and the VIX has also dropped from 57 to 33. At least the market has ushered in a 90 day buffer. The most important thing is that if the GDP in the first quarter is not good, there is still a game to be played in the second quarter. However, it should be noted that at present, it is still in the rebound stage, and the conditions for reversal are not met. At least from the minutes of the March meeting released by the Federal Reserve today, it appears that the Fed is not prepared to cut interest rates in advance, unless there is a significant increase in unemployment or expectations of an economic recession. Therefore, the data for May and June will be more important. The difficulty of April lies in the fact that it is not a one-way market trend, but more driven by "events". Looking back at the data of Bitcoin, today's buying sentiment is still good. As we mentioned during the Oolong incident last time, users have money, but they dare not end up casually. However, this time the tariffs have temporarily eased, and even the recession may be delayed. Some investors have played a game of causation. From the data, today's turnover rate has slightly increased, and user sentiment is still relatively normal. The providers of turnover are still mainly short-term investors. Early investors were still in a wait-and-see attitude, but from today's URPD data, it can be seen that chips around $83000 are continuing to concentrate, and there are almost new signs of bottoming out. These investors are also beginning to shift towards long-term holdings. However, the corresponding investors between $93000 and $98000 still only have a few thousand BTC transfers, which is only about one twentieth of the total turnover, indicating that these investors are still very stable. Even when they fall below $74000, there is no panic, so the pressure on the price is not significant. This tweet is sponsored by @ ApeXProtocolCN | Dex With Apex