Today's homework is pretty good and not too complicated. Although there are market fluctuations, they are all within the normal range, especially considering that the US stock market is still in a slight upward trend, which indicates that there is no major problem overall. The main reason for the pullback of cryptocurrencies is the problem of counterfeit currencies. Today, we also focused on this situation. If there is no overflow liquidity, the counterfeit season still needs to wait. Today, I spent a lot of space and data to explain this issue. Although ETH has risen, more purchasing power does not come from the cryptocurrency sector, but from the primary and secondary markets of spot ETFs. In this situation, even if there are overflow funds, it is difficult for them to enter the cryptocurrency circle, let alone at present, there are no obvious signs that these investors have already taken profits and left. So the knockoff season may have to wait a little longer. Let's wait for BTC and ETH to stabilize first. The trend of ETH this time is a bit like Bitcoin in early 2024, driven by the buying of traditional investors. Looking back at the data of Bitcoin, the turnover rate is continuing to decline significantly, and it is no longer like weekday data. Instead, it has returned to the garbage time. It should be noted that a week ago today, the turnover rate was at least three times higher than it is now. The decrease in turnover indicates that investors' game sentiment is slowing down and they are waiting for market signals. At present, the main signal is tariff and monetary policy. Tariffs Today Trump has announced tariffs with Japan. The investment of 15% and 500 billion dollars is really a good result. Yesterday, 19% of the Philippines was also lower than expected. Today, it is also reported that 15% tariffs will be reached with the EU, and the rest is China. These are the reasons for stabilizing market sentiment. There is nothing more to say about monetary policy. The market is still expecting Trump to elect Powell's successor as soon as possible, so that the market can expect the interest rate to decline rapidly, and no problems have been found in support, but the gap is still my focus. Data address: https://docs. (google.com)/spreadsheets/d/1E9awSVwrVOxKOiaMdYT5YZvfveeFd9ENU-iO6dVcGj0/edit? usp=sharing This article is sponsored by Bitget | @ Bitgetzh